Articles by Sam P. Killsting on ArticleSnatch.com

How Much Money can You Pocket When You Stop Using Check Cashing Stores

Wed, 03 Jan 2007 00:00:00 -0500

Have you ever wondered what the real differences are between cashing your paycheck at a bank compared to a check cashing store? If so, you're not alone. Many people who for a variety of reasons, aren't able to open a checking account. They are forced to use a check cashing service and often wonder how much they could actually be saving by not having to pay the service charges and interest fees that check cashing stores are known for. First, it should be stated that 80% of the banks and credit unions in the US use the exact same credit checking system, called chexsystems. If one bank refuses to open an account for you, chances are most of the other banks you go to will turn down your application as well. There is, however, an alternative that can potentially save you thousands of dollars in interest fees accumulated from check cashing stores: non-chexsystems banks. Non-chexsystems banks quite simply do not check your credit in the same way that other banks do. Some do not check your credit whatsoever and rely on other things, such as proof of employment. **End Summary** Topics: Chexsystems]]> bank account]]> non chexsystems bank]]> check systems]]> non check systems banks]]> MasterCard]]>]]> About the Author: ]]> S. Proctor Killsting is a financial coach specalizing in no cost ways to increase wealth. If you're on chexsystems...

Chexsystems Can't Stop You From Getting A Bank Account... Not Anymore!

Tue, 02 Jan 2007 00:00:00 -0500

Many people, at one time or another, have financial trouble. If this trouble involves your bank account, it can have serious future repercussions. If you Have been reported to chexsystems, many banks will not allow you to open a checking or savings account. This can be very detrimental and have long lasting effects. There are ways to effectively manage your money even with this problem by using a non-chexsystems bank or a pay card. Chexsystems is a reporting agency that most financial institutions use to screen their potential customers. Banks report customers that mishandle their accounts. If you have had a checking or savings account in the past that has gone into the negative and you did not pay it off, a bank will write off that amount after a certain period of time. Your account will close, but it will still show that you owe a certain amount of money. Depending on the amount of the charge off, all signers on the account will be reported to chexsystems. A Chexsystems record remains in effect for five years. getting your name removed from chexsystems is very difficult. Even if you pay the outstanding balance, your record will remain. **End Summary** Topics: Chexsystems]]> bank account]]> non chexsystems bank]]> check systems]]> non check systems banks]]> MasterCard]]>]]> About the Author: ]]> S. Proctor Killsting is a financial coach specalizing in no cost ways to increase wealth. If you're on chexsystems...

Getting A Bank Account When The Bank Say No!

Mon, 01 Jan 2007 00:00:00 -0500

If you have a negative chexsystems report on your record that's preventing you from opening a bank Account? If so, read on and you'll find your solution. 80% of US banks belong to the chexsystems credit checking network. If chexsystems has you flagged in their database, chances are, you simply won't be able to open a checking account at a bank or a credit union and cashing your paychecks through a check cashing service isn't a very cost effective solution to this problem. There is hope, though. If you are diligent enough, you may just be able to find a non-chexsystems bank. Non-chexsystems banks are not easy to come by since chexsystems represents 80% of all US financial institutions. If you are lucky enough to find one of these ever rarer banks, all that's left is for them to allow you a bank account with a prepaid debit card. Non-chexsystems banks can be viewed as a fresh start for people who have, for whatever reason, made a financial error that left a stain on their credit report. **End Summary** Topics: Non chexsystems banks]]> prepaid debit cards]]> chexsystems help]]> chexsystems solutions]]>]]> About the Author: ]]> S. Proctor Killsting is a financial coach specalizing in no cost ways to increase wealth. If you're on chexsystems...

Helping A Friend Open A Bank Account When All The Banks Say Forget It... Don't Give Up, It Can Be Do

Mon, 11 Dec 2006 00:00:00 -0500

If your friend was turned down from opening a bank account, it's most likely because of their past mistakes with previous accounts in their name. The past mistakes could be bounced checks, non-sufficient fund fees or overdraft balances. Furthermore, if the friend closed an account without paying the final balance, this will affect your friend negatively when trying to open a new account in the future. Banks know about the past accounts? When anyone tries to open a new account, banks and credit unions perform a search of the persons banking history. Similar to a credit check, many banks use a company called Chex Systems Inc. to keep track of a person's banking history, and the bank will access it when needed. Each report submitted to ChexSystems remains in their files for five years unless the bank or credit union that filed the report requests its removal, which is usually only done if the report was made because of bank error. How can your friend dispute the report? If your friend's ChexSystems report is incorrect, they can dispute it. **End Summary** Topics: non chexsystems banks]]> chexsystems]]> open a bank account]]>]]> About the Author: ]]> S. Proctor Killsting is a financial success coach specalizing in improved cash flow and rappid retirement without additional cost. More information about getting a bank account is at non Chexsystems Banks

How Your Company Can Reach Your Goal of 100% Direct Deposit

Fri, 08 Dec 2006 00:00:00 -0500

For companies and businesses with employees, direct deposit is an easy way to save your company time and money, while making your employees happy. Direct deposit is an electronic payment made directly to the checking or savings account of your employees, retirees, or shareholders. No matter what size your company, direct deposit offers some really useful benefits. Using direct deposit your company will enjoy time and dollar savings. Your account reconciliation process becomes easier and your company will have a single dollar amount for the total Direct Deposit transaction. Compare this to hundreds or even thousands of individual check amounts to reconcile. Even if you're only writing 20 payroll checks a week this means over 1,000 transactions to reconcile every year and that amount of work takes time and cost labor dollars. Using direct deposit eliminates manual labor and mailing mistakes or wrong and incorrect addressing errors or slip ups by the mail delivery. Because, direct deposits don't get lost or stolen like printed checks, the potential for errors is reduced. **End Summary** Topics: Direct Deposit]]> Chexsystems report]]> MasterCard]]> Payroll]]> Employees Compensation]]>]]> About the Author: ]]> S. Proctor Killsting is a financial coach specalizing in no cost ways to increase wealth. If you're on chexsystems...

Why The Big Switch To Prepaid Debit Cards

Wed, 06 Dec 2006 00:00:00 -0500

A Pre-paid debit card is a reloadable, stored value card similar to a gift or payroll card. PrePaid Debit cards look like credit cards but act like debit cards, and can substitute for cash for everyday purchases such as groceries, small consumer goods, restaurant tabs and gasoline. Proponents of pre-paid cards say they are safer and more convenient for consumers than carrying cash around, and the costs are lower than check-cashing and payday lending outlets. They are also accessible to those with no or very poor credit histories. In fact, they are ideal for the more than estimated 80 million or so people in the U.S. who lack basic banking accounts. Nevertheless, the appeal of these cards transcend the unbankable community, and now extends to everyday people who want to take advantage of Prepaid Debit card benefits. PrePaid Debit Cards over Checking Accounts Let's face it; checking accounts have some major benefits. One of the most commonly used benefits from checking accounts is the direct deposit feature. For those who do not write checks, but pay their bills using their check card or debit card, a prepaid debit card may be a better solution. **End Summary** Topics: Chexsystems]]> bank account]]> non chexsystems bank]]> check systems]]> non check systems banks]]> MasterCard]]>]]> About the Author: ]]> S. Proctor Killsting is a financial success coach specalizing in improved cash flow and rappid retirement without added saving cost. More info avilable at non Chexsystems Bank

Why Banks Use Checksystems And What Your Options Are If You've Been reported

Tue, 05 Dec 2006 00:00:00 -0500

When you apply for a new bank account, chances are the bank will do their own version of a credit check. They use a system called ChexSystem, developed by Chex Systems, Inc. The ChexSystems report basically tells the bank if you have a history of bouncing checks or leaving your previous banks holding the bag (leaving an outstanding balance). What does this mean to me? What it means to you is simple: if you mishandled your bank accounts in the past, and find yourself in the ChexSystems database, you could find it extremely difficult to open a bank account for quite some time. Basically, during the five years that the negative ChexSystems report stays in the database, you will probably be turned down by most Banks or Financial Institutions.How can I get around it? If you try to search out a bank that does not review your ChexSystems report before opening the account it will be pretty hard to find. This is due to the fact that over 80% U.S. banks and credit unions belong to the ChexSystems network. **End Summary** Topics: Chexsystems]]> bank account]]> non chexsystems bank]]> check systems]]> non check systems banks]]> MasterCard]]>]]> About the Author: ]]> S. Proctor Killsting is a financial success coach specalizing in improved cash flow and rappid retirement without added saving cost. More info is avilable at non Chexsystems Bank