Many people find out that they are on the ChexSystems database by being denied the opportunity to open a checking or savings account. When an individual has bounced checks, kited checks, accrued NSF fees, or even had a negative balance for a specific amount of time; ChexSystems collects that person’s information and reports it for 5 years. Once your poor credit has been noticed you will no longer be extended the opportunity to bank with ChexSystems banks, which is difficult to endure.
Even so, it is still often possible to find a bank that will extend services to you. Every state has what are sometimes called ‘last chance banks’ or ‘non-ChexSystems banks’ which provide services to customers with bad credit. These financial institutions accept you, knowing that you are a risk. This can mean that they may require a deposit to be held in reserve, in case of NSF fees, etc. or it may mean that they require some form of collateral. Either way, you are able to rebuild your credit by using these alternative banks or credit unions.
Rhode Island, however, does not have any banks or credit unions that are listed as ‘no credit check banks.’ You may want to call your local banks and credit unions and ask them about possible alternatives. You can also do a search on the Internet. New banks open up all the time and a non ChexSystems bank may have opened up after the time that this was written.
If you have problems opening up a bank account (as there are no banks in Rhode Island), the best solution is to open up an online bank account here.