Wednesday, November 7, 2012

How Do Banking Institutions Rate You As A New Client?

By Jose Strauss

Lately it appears as if some consumers do not rate most banking institutions very highly, yet how do banks rate you as a new client? Thanks to Chexsystems banks can efficiently find out the risk that you pose to the banking institution with a simple report. This report is similar to a credit history, only it concentrates solely on past savings accounts that you have opened that experienced trouble and ended with you owing money to a banking institution as a result.

When you have had previous bank accounts that were closed by the bank because you were overdrawn, or you had checks that were returned for non sufficient funds, then the report any possible new bank may receive will likely be less flattering when the bank uses this client account history verification system. Approximately 80% of the financial institutions throughout America use this system, and there are also other locations around the globe that take part also. The prevalent utilization of the system makes it nearly impossible to cover from when you owe cash on a previous account.

Previously banks took the bad customers with the good, and attempted to depend on the personal judgments of loan officers and account clerks to figure out the certain risks that a new customer posed. This is no longer the case, today a bank can rate your potential threat in just a couple of minutes with these reports. This signifies that much more potential customers are now being turned away due to previous account dilemmas, yet there are safeguards in place to protect clients who feel their report is not exact or up to date.

How well banks rate you as a new client will rely on how good you have managed any previous bank accounts that you have had. If you have had issues in the past then you might have to be ready to explain exactly why the situation is different now, and make certain that any past outstanding amounts are dealt with before attempting to open a new bank account.

Some financial institutions may be willing to override the negative details in the history verification report in certain instances. This depends on the specific bank that's being regarded.

About the Author:

No comments:

Post a Comment