Font size
WorksheetsUnderstanding ChexSystem Part 2
Total questions: 1
Worksheet time: 20mins
1-15.
Answer the questions below after watching the video
What is the personal goal of the narrator regarding bank account bonuses?
To make $10,000 from bank bonuses
To open 50 bank accounts
To get the highest Check System score
To avoid all bank fees
What is the Check System primarily used for?
To evaluate auto loan eligibility
To collect information about deposit accounts
To monitor home loan applications
To track credit card applications
What type of score does the Check System provide?
A score between 0 and 1000
A score between 1 and 100
A score between 100 and 899
A score between 300 and 850
Which of the following is NOT tracked by the Check System?
Bounce checks
Overdraft fees
Involuntary account closures
Credit card balances
Why do banks care about the number of accounts you open?
To track your spending habits
To monitor your credit score
To prevent potential fraud and money laundering
To ensure you have enough savings
What can you do if your Check System score is lower than desired?
Apply for more credit cards
Open more bank accounts
Consider second chance accounts
Ignore the score
What is a second chance account similar to?
A business account
A premium checking account
A credit builder card
A high-interest savings account
What happened to the narrator with Modify Bank?
They were approved and kept the account
They never applied
They were denied immediately
They were approved and then the account was closed
What is the narrator's Check System score?
850 out of 899
700 out of 899
400 out of 899
596 out of 899
Which bank did NOT deny the narrator?
Boeing Employees Credit Union
Mid First Bank
Merck and Sharp
Premier Members Credit Union
What is the narrator's attitude towards continuing to apply for bank bonuses?
They will stop immediately
They will continue despite the risks
They are unsure
They will only apply for credit cards
Which banks are considered the narrator's 'hub banks'?
Chase and Ally
Bank of America and Wells Fargo
Modify Bank and Merck and Sharp
US Bank and Citibank
What is the primary reason banks might deny opening an account based on the Check System?
High income
Frequent account openings
High credit score
Low savings balance
What does the narrator suggest about business banking accounts?
They are less sensitive to Check System scores
They are not useful for bonus hunting
They offer lower sign-up bonuses
They are more sensitive to Check System scores
What is the narrator's final advice regarding the Check System?
Stop applying for new accounts
Continue applying but be aware of the risks
Ignore the Check System entirely
Only use one bank
