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• The ChexSystems, Inc. network is comprised of member financial institutions that regularly contribute information on mishandled checking and savings accounts to a central location. ChexSystems shares this information among member institutions to help them assess the risk of opening new accounts.

  If you close an account with a negative balance and the financial institution writes your account off to bad debts, it may report your activity to ChexSystems which can make it difficult to open an account at another financial institution. Generally, information remains on ChexSystems for five years.

  National Credit Union Administration - Cite This Source - This Definition
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  Cite Definition for ChexSystems

  American Psychological Association (APA)

  ChexSystems. (n.d.). Pocket Cents Glossary. Retrieved February 8, 2023, from website: http://www.expertglossary.com/definition/chexsystems.

  Chicago Manual of Style (CMS)

  ChexSystems. www.mycreditunion.gov. Pocket Cents Glossary. National Credit Union Administration. http://www.expertglossary.com/definition/chexsystems (accessed: February 8, 2023).

  Modern Language Association (MLA)

  "ChexSystems." Pocket Cents Glossary. National Credit Union Administration. 8 February. 2023 http://www.expertglossary.com/definition/chexsystems.

• Browse Related Terms: affidavit, Asset management account (AMA), Charge-off, ChexSystems, Credit line, Drawer, Insufficient funds, Kiting, Lifeline account, Local check, money-market account, Negotiable-order-of-withdrawal account, Overdraft, Overdraw, Payee, Stale-Dated Check

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