If you have had trouble trying to open a bank account recently, there is a good chance that it is because you have been listed in ChexSystems. ChexSystems is a credit reporting and check verification service which around 80% of banks in the US use to screen customers looking to open accounts.
If your name appears in the ChexSystems database, you’ll have a considerable problem opening up a new bank account. The vast majority of banks pull a ChexSystems report prior to allowing consumers to open up new checking or savings accounts. These reports disappear from the system after five years, but you can dispute the accuracy of your banking record in order to get out of ChexSystems and free up your banking options.
Telecheck is a service that is used by merchant and retailers that accept checks as a form of payment from their customers. Telecheck offers the retailers a safe and secure way to accept checks by converting the paper checks into an electronic transaction. With Telecheck accepting a check is just as easy as accepting a credit card and it is just as safe.