The ChexSystems provides deposit account verification services to its financial institution members to help them to identify checking account applicants that may have a history of poor account mishandling. Each item entered into the Chexsystems remains there for five years, unless the financial institution that filed the report requests its removal or Chexsystems becomes obligated to remove it under law. A negative chexsystems report can prevent you from opening up a checking or savings account in the United States.
According to the Fair and Accurate Credit Transaction Act or (FACTA), you are entitled to a free copy of your ChexSystems consumer report, by request, once every 12-month period. See Free ChexSystems Report to find out more about the chexsystems report and how it affects whether or not you can get approved for a new checking account. You can also order your free chexsystems report and learn how to dispute any errors that may be listed on it.
