
Understanding ChexSystems
Interactive Video
•
Business, Life Skills
•
9th - 12th Grade
•
Practice Problem
•
Hard
Liam Anderson
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary focus of ChexSystems compared to other credit reporting agencies?
Mortgage applications
Bank account activities
Credit card transactions
Loan approvals
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the best way to request your ChexSystems report?
Visit a bank branch
Request it online
Call customer service
Send a mail request
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of data does ChexSystems primarily capture?
Positive credit history
Neutral inquiries
Negative banking activities
All financial transactions
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is structuring in the context of banking?
Withdrawing funds frequently
Opening multiple accounts
Depositing large sums at once
Splitting deposits to avoid detection
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a potential consequence of structuring?
More bank offers
Higher interest rates
Legal penalties
Increased credit score
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should you do if you find an incorrect negative record on your ChexSystems report?
Open a new account elsewhere
Close your bank account
Contest it if invalid
Ignore it
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should you do before closing a negative bank account?
Open a new account
Pay off the negative balance
Ignore the balance
Transfer funds to another account
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