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Q. What is ChexSytems?

Fri, May 27th, 2011
Posted in Ask the Expert

Aaron Armstrong Chatfield Branch Manager

A. ChexSystems is a consumer verification and reporting agency. Credit reporting agencies report how a consumer handles credit relationships while ChexSystems provides data related to how a consumer has handled deposit accounts at previous banking institutions. Banks rely on CheckSystems to help minimize risk and losses through the inappropriate use of checking accounts. Most all banks rely on ChexSystems when opening new accounts. Reported account abuse may result in a bank denying a checking account application.

Manage your accounts wisely.

100 St. Anthony Street N., Preston 507 765 3823

229 Main St. N., Chatfield

507 867 1605

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