Anyone heard of Chexsystems. This is a story about Chexsystems in conjunction with this particular financial institution. Chexsystems is a company that shares information with banks about your previous banking activities.
God forbid you accidentally close an account with any checks or debits outstanding or in my case, if you forget about the account because you have multiple, and it overdrafts and they cannot get ahold of you. You will be reported to Chexsystems and this will prevent you from opening an account anywhere and basically turning you into a second class citizen, having to rely on check cashing services and money orders.
The account I opened with this institution required a $7 per month account maintenance fee because of a previous check systems mishap, which I had already paid triple the original amount to clear out of collections and off of chexsystems. Despite their promise (the collection agency) to remove me from chexsystems, they did not.
So I basically just was not paying attention to this account and using another as my primary, and I had moved. They were sitting there (this credit union) racking me for $2 per day on a very small overdraft, which eventually grew to $60 at which point they just closed my account.
When I finally went into the bank to deposit some money, not knowing any of this, I was told the account had been closed and I did not have the option of reopening it. And I was told they would be reporting me to Chexsystems again. Ok, so I am not perfect, but this is scumbaggery of the highest order.
They can get away with usury (this means outrageously high interest) overdraft fees and then just close your account and screw you with Chexsystems and hit you with a debt generated entirely from their overdraft fees. Aren't these the same assholes (banks/credit card companies) that helped bring down this economy to begin with?
The situation I am personally in financially has a lot to do with these scumballs and their "legal" activities (like subprime mortgages, obnoxious credit card marketing) protected by legislation not only written on their behalf by huge money lobbying, but almost written by them. Anyone had to file for bankruptcy lately?
And yet we have to live by these rules, getting heavily punished for small banking mistakes, while we bail out this toilet scum with our tax dollars? How is this even remotely possible? Because people typically getting caught in a situation like this are the have nots without much of a voice.
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