Can you open a savings account if you are on chexsystem?

Answer 1

Answer

Most banks that use chexsystems will not allow you to open an a savings or a checking account if you have been reported. There are more credit unions that allow those reported to chexsystems to open a savings if you are eligible for membership even if your chexsystems report is stopping you from having a checking with them.

There are some Nationwide banks like ING Direct that will allow anyone to open a savings account. They do not use chexsystems at all. Of course ING requires a person to link to an existing checking account. Chances are a person on ChexSystems doesn't have any kind of bank account nor can they get one. So pursuing opening an account with ING is not possible.

Paying the debt owed to the reporting bank will NOT remove you from chexsystems. Many times paying off a debt that is owed to the reporting bank(s) can cause you to be reported even longer. The bank or credit union is allowed to report you 5 years from the last date that the account was paid on/or paid off.

Answer

Eventually it will just be easier to pay off the bank that put you on chexsystems in the first place. Often people get into trouble with overdraft fees, particularly before the 2010 laws, but they still owe the money, and there is really no way out without settling up with that bank.