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ChexSystems and Telecheck

Submitted by on Thu, 08/06/2009 - 07:46
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My questions are never ending. I am taking the advice of the wonderful people on here and taking back control of my money from PDL's. I am set to go open a new account this weekend and I just wanted to check a few things....
1. I stopped paid two checks for PDL'S and made or attempted to make payment arrangements with them. Can those be reported to TeleCheck and CheckSystems? They were not NSF- they were stopped.
2. I'm concerned that opening up this new account - that I will somehow be reported and my account be revoked? Is that possible?

Any advice to offer on how you guys went about handiling these issues would be appreciated. Last I checked my ChexSystems reports was clear -haven't checked TeleCheck one yet)My credit is not so good and I don't know if that could effect me having a new account or not as well. This whole situation is a bit nerve racking to me!


when i froze my account my bank offerd to open a new account for me so i just stayed with the same bank and didnt have any problems. i have heard of people opening a new account and like a week later the bank closing it. i wouild just talk to the bank and tell them. i think they should be able to check while you are there, because the account i froze was a 2nd chance checking account, and she said i qualified for the prime checking so it acually worked out better i didnt have to pay the 8 dollars a month to have an account anymore.


Submitted by bastoops on Thu, 08/06/2009 - 09:07

bastoops

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Quote:

I stopped paid two checks for PDL'S and made or attempted to make payment arrangements with them. Can those be reported to TeleCheck and CheckSystems?


So if I read this correct you stopped payment on two physical written checks not an "ACH" transactions. So are your loans with sotrefront lenders?

Usually a PDL company will report your debt to Teletrack not Telecheck when you have defaulted. If you stop payment on the two checks before notifying the company they may report the debt. However, most wont untill they have pursued alternate collections. So if you have been in contact with them you should be fine. Just make sure you try and set up an payment arrangement and keep in contact with them.

Chexsystems deals more specifically with banks and accounts, etc.. If your account is overdrawn or you have alot of negative issues with your account the bank can report the information to Chexsystems. Some banks verify with Chexsystems when opening a new account.

Others will be along with more advice, hang tight :wink:


Submitted by Cool_Abyss on Fri, 08/07/2009 - 08:18

Cool_Abyss

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Yes, Cool, I stopped payment on two physical written checks to store fronts. I already set up payment arrangements with one company prior to the check being sent back (they knew it was coming back- but their policy on payment arrangements is that the check has to run through one time at least). The other company just deposited the check yesterday (also, they same deal- they have to give it a go once). I anticipate it hitting next week and then I can call them and make arrangements. I stressed to both of the companies that I was going to pay them back fee and all and I intend too. My old account is not closed yet- and my check systems report is clear as of last week. I set the new account up yesterday, I was just curious if I needed to worry about the legal ones messing up my reports because I stopped the checks. I think everything will be ok, but I do appreciate all the help.


Submitted by on Fri, 08/07/2009 - 17:49

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i think you will be fine, i have heard of people getting reported for really petty reasons but i think it is unlikely that stopping a check will have you reported. i stopped a check before (it was over two weeks and the local company said they did not receive it.. horrible story, by the way because after i stopped it they magically found it and took it out as an ACH) but i was fine.. that stuff happens.


Submitted by bea2ls on Sat, 08/08/2009 - 06:19

bea2ls

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Just a heads up on the differences between Teletrack and Telecheck:

TeleTRACK is used by payday loan companies and rent-to-own companies ONLY - it is a nationwide database that is used to report delinquencies on payday loans or rent-to-own contracts. It is not connected with any bank, nor does it ever affect your credit rating with the "big 3" credit bureaus. The only thing a TeleTrack report will do is prevent you from getting another payday loan - which is not entirely a bad thing, trust me.

TeleCHECK is a nationwide database used by BANKS to report problems with bank accounts like closed accounts due to excessive overdraft activity, fraud, etc. This report WILL affect your ability to obtain a new checking account - so will ChexSystems, which is another database, with the same premise.


Submitted by SUEBEEHONEY70 on Tue, 08/11/2009 - 10:01

SUEBEEHONEY70

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