| If you've ever written a bad check | | | | a Visa or MasterCard is accepted, you |
| (whether it was on purpose or | | | | can use your debit card, including for |
| accidental) or have had problems with | | | | getting cash from the ATM. |
| banks, there's a pretty good chance that | | | | A debit card automatically deducts the |
| you're on a list maintained by | | | | amount of the purchase from your |
| ChexSystems. This list can cause you a | | | | account, meaning that you don't have to |
| lot of problems when it comes to getting | | | | pay interest or deal with credit. Since |
| a new bank account or doing other | | | | the transactions show up on your bank |
| banking tasks. ChexSystems is a Consumer | | | | statement, you'll be able to track your |
| Reporting Agency, like TransUnion, | | | | spending. If you want, you can choose to |
| Experian, and others. It provides a list | | | | have your paycheck deposited directly |
| of customers that it considers to be | | | | into your debit card account. That way, |
| high risk to banks across the country. | | | | you won't have to use check cashing |
| Not everyone on this list really is a | | | | stores to get your money. |
| big risk, though. Some people end up on | | | | The biggest difference between a regular |
| it because of errors in data, theft of | | | | checking account and a debit account is |
| their identities, and many other | | | | that you normally don't get a checkbook |
| mistakes. Once you're on the list, | | | | with your debit card. You'll be able to |
| however, it becomes very hard to get a | | | | pay your bills online via Echeck, or |
| new bank account. Most banks use | | | | automatic debit. Many people prefer to |
| ChexSystems data to decide whether or | | | | use online banking services (such as |
| not you'll be allowed to open an | | | | those provided by debit card accounts), |
| account, whether or not that data is | | | | because they are free -- you don't even |
| accurate. If you've been trying to find | | | | need to pay for a stamp and an envelope! |
| a bank that doesn't use the ChexSystems | | | | Further, using online banking makes it |
| database in your area, you might have | | | | even easier to keep your account |
| gotten frustrated, and resigned to going | | | | balanced, so you avoid further banking |
| through life without an account. | | | | problems. |
| However, don't give up hope yet. Debit | | | | This means that you still get most of |
| cards and Internet bank accounts are | | | | the advantages of an ordinary checking |
| still an option. | | | | account. There are still plenty of banks |
| If you're tired of constantly carrying | | | | that permit opening a debit card account |
| cash, getting money orders, and using | | | | for people who are on the ChexSystems |
| check cashing services, getting a debit | | | | list. That makes this an excellent |
| card account could be the answer you're | | | | option if you're on the list and can't |
| looking for. You can use these cards | | | | find a local bank that doesn't use it. A |
| just like regular credit cards - at | | | | debit card account is a great |
| bookstores, gas stations, the grocery | | | | alternative to an ordinary bank account. |
| store, restaurants and online. Anywhere | | | | |