Checking Accounts and Chexsystems
Guest: Franklin Ross
If you’ve ever had trouble opening a checking account, it may be because you are in Chexsystems. Most people don’t even know this database exists until something negative happens to them.
My guest, Franklin Ross, experienced firsthand what can happen if you are reported to their database. He went through the process of clearing up his report, so he understands how it works.
In this interview, he explains what this company does, how banks and credit unions use these reports, and what your rights are to dispute your report if there is a problem. He also shares where to find the Chexsystems website, and how to get information on banks that don’t use ChexSystems.
Franklin Ross is the CEO and cofounder of KnowYourBank.com, a website that gives consumers free information on more than 14,000 U.S. banks, credit unions and thrifts; information on over 120,000 bank and credit union branches; and in-depth bank financials, including financial ratios, assets and liabilities and CDS; as well as bank reviews and feedback from peers.
More About Chexsystems and Telecheck
In this second interview about companies that report bank account information I talk with Ginger Chouinard. She is currently a 2nd year law student at University of New Mexico. Before law school, she worked 25 years in the credit union industry, primarily in marketing and business development.
She recently wrote a paper about account screening reports for her consumer law class, which Professor Nathalie Martin recently wrote about for the Credit Slips blog. She shares her research and explains how financial institutions use these reports.
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