Understanding ChexSystems Part 1

What is the primary focus of ChexSystems?

• Loan applications

• Mortgage approvals

• Bank accounts

• Credit card transactions

What is the main purpose of ChexSystems?

• To manage mortgage approvals

• To approve loan applications

• To track bank account activity

• To monitor credit card usage

How can you request your ChexSystems report?

• By sending a mail request

• By requesting it online

• By visiting a bank branch

• By calling customer service

What type of data does ChexSystems primarily capture?

• All types of data

• Negative data

• Neutral data

• Positive data

Which of the following is NOT a type of negative data reported by ChexSystems?

• High credit card balances

• Unsatisfactory balances

• Check overdrafts

• Fraudulent check deposits

What is structuring in the context of bank deposits?

• Opening multiple bank accounts

• Withdrawing large sums of money

• Modifying deposits to stay under $10,000

• Depositing large sums of money

What is the legal consequence of structuring?

• Both a fine and imprisonment

• No legal consequence

• Imprisonment

• A fine

What should you do if you have a negative balance in your account?

• Pay off the balance before closing the account

• Open a new account

• Ignore the balance

• Close the account immediately

What should you avoid to maintain a good ChexSystems report?

• Opening multiple accounts

• Writing checks that can't be cashed

• Using credit cards

• Applying for loans

What can you do if you find incorrect information on your ChexSystems report?

• Ignore it

• Contest it if it is invalid

• Open a new account

• Contest it even if it is valid