ChexSystems is an account verification service provider
They share information among members which will help them assess the risk of opening new accounts. It is important to note that they only shares information but has no role on new account openings. It is only a reflection on how a consumer has used his deposit account at banking institution.
It is important to note that your name will remain on the file for 5 years, with no guarantee that it will be removed and only the reporting bank can remove the chexsystems.
