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Predatory lending is the mortgage industry. It is normally when a mortgage broker add on unnecessary fee, bad credit application, because he or she knows that the applicant in a desperate situation.

Predatory banking can also exist for those who have contributed in ChexSystems.

ChexSystems is (a network of financial institutions), especially banks, which contribute regularly mistreat information about account holders that their control or savings accounts. Almostall banks in the U.S. are part of the consortium.

Check a bounce, and not repay on time, and you could end up in the ChexSystems. Even if you get a false check, and the bank suspects foul play, you can read in the ChexSystems Landstuhl.

And the rate for this financial crime is not easy.

If the bank that you in the ChexSystems refuses your name from the ChexSystems database release, they find it impossible to close get a bank account of any kind for 5 years.

Even if you pay the disputed debt, the bank could still hold caught a ChexSystems. Wicked, but 100% true.

So of course if you have a situation where people are stuck between a rock and a hard place to come out to feed the vultures. This is what you, if you are looking for a non ChexSystems bank account, can occur.

Before you pay money to provide any service that claims to you a non ChexSystems> Bank account to be sure, there are the following tests passed with flying colors.

Make sure the bank FDIC insured.

According to the FDIC web site:

"The FDIC - short for Federal Deposit Insurance Corporation - an independent agency of the Government of the United States. The FDIC protects you against the loss of your deposits if an FDIC - insured bank or savings association fails. FDIC insurance is backed by the full faith and honor of the United StatesGovernment. "

In short, if you decide to have a bank account at an institution that could open not FDIC insured, they basically all of your money if that institution goes out of business. Therefore it is extremely important to verify the banks status before you open an account.

You can easily check whether a bank is FDIC insured, the FDIC website.

If it is a credit union to make sure it NCUSIF insured.

NCUSIF insurance is similar to FDIC insurance, unless it isfor credit unions.

According to the National Credit Union Association web site:


"The shares in your Credit Union, the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA insured. Established by Congress in 1970 to ensure member share accounts at government-insured credit unions, the NCUSIF under by NCUA the management direction of the three-person NCUA Board. Their share insurance is similar to the protection offered by the Federal Deposit Insurance DepositCorporation (FDIC). "


All credit unions that NCUSIF insured, may be found at (http://www.ncua.gov/indexdata.html).

Make sure the institution has a physical branch.

This is one of the easiest ways to filter out the Bad Seeds. Banks with physical branches are always legitimate financial institutions.

Have some background information on the work of the Bank.

Perform a WHOIS search for the Registrant, the banks look for domain names. If there is one person that should raise a redFlag. It should always name the bank or company.

Look at the banking site. If there are special telephone and fax numbers, and a legitimate street address - no PO boxes.

You can always call 411 to confirm that the telephone number corresponds to the address listed. But also keep in mind that some banks have a central place where they answer general calls.

Make sure that the bank does not require you to use direct deposit to open the account.

Theresome financial services, offering checkless checking accounts. (This is not a scam, as far as I can tell.)

But what if you do not get direct deposit? Or what happens if you change jobs and no longer receive your checks through direct deposit? Then you are basically back to square one.

And what happens if you use the controls? I mean, a checkless checking account kind of defeats the purpose of obtaining a checking account at all.

Make sure that the organization no fees for the jointItems such as monthly statements, telephone services and tasks.

I recently noticed a financial service charging outrageous fees for options that are normally free through regular banks and credit cooperatives.

They were anything but fees for the kitchen sink, including: to review a fee on the account balance at an ATM fee, a monthly statement, a fee may, if you wanted something that would get you purchased back from a dealer a fee for the use their automated phoneService. And this is just the tip of the iceberg!

Even if you are in ChexSystems, does not mean you should be financially draining victims tricks to play like this. There are always better alternatives waiting in the wings.

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