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Complain, Complain, Complain….

As a consumer I am getting real sick of paying all these fees with very-very substandard service. I guess other people just don’t feel the same way as I do. Because I just don’t see anyone really putting their foot down. A good example is, just the other day I am on the phone with Sprint almost six hours. Because a customer rep transposed one of my free numbers causing me to have to buy extra minutes for the last three months, that is the truth by the way. Six full hours of my time and they are charging me. I don’t mean to pick on sprint, to be honest their customer service has really improved over the last two years. But something has been lost and we are paying more and getting less for our money and it is called fees.

Fees I plan of pay this month.

Maybe a ATM fee
$3.00 convenience fee for State Farm auto debiting my bank account. Well that seem easy to fix, right? Well, its is a $15.00 dollar fee if I want to send in my check, in my opinion this is a real joke!
US Bank will charge me$2.00 a check, if I write a check to anyone…

So are companies really plotting to get as much money out of you as they can? It certainly seems that way.

The upside to being on Chex Systems

Just in case you were looking for an upside for being on chex Systems, my bank just tried to charge me a flat $9.95 a month for a checking account. Now, they didn’t offer me any lube with that!  Like I am going to pay $120.00 dollars a year for a checking account, you’ve got to be kidding me! It is not a good time to be a banking customer. Not being able to get a banking account might be a good thing.  Well, unless you get paid cash, you have to find ways to cash checks and they’ve got tons of bogus fees at the local check cashing places.  Hell, even the bank that issues your paycheck will probably charge you five bucks to cash it since it’s a “business check.”  Damn these greedy banks – and you know, the banks are behind Chex Systems.  It’s not like Chex Systems is a government agency or anything –just like credit bureaus, they’re private companies that sell your personal data for their profit.

What I’m trying to understand is why we allow this shit to happen.  As consumers, we should be able to make this stop.  Banks should be paying us.  It used to be that way.  Banks actually paid interest on deposits, not this half a point annually shit.  Maybe if everyone took their money out and stashed it in a coffee can we’d all be better off.  The other day I got a paypal payment from a customer–do you know how much paypal keeps on a hundred dollar transaction.  Just over $7.  That’s amazing.  I earned $100 but by the time it was in my bank account, it’s only worth $93.  Of course I can use a paypal debit card, just like a bank but if I want to withdraw cash, there’s the atm fees so really I’d like to get paid in cash.  There is so much money being stolen from us all of the time, it’s truly amazing.  Chex Systems can really put a damper on your banking situation but that expensive checking account, might be cheaper than paypal.

How to Easily Work Around A ChexSystem Problem

If you’re new victim of ChexSystems, let me tell you, it can be a real annoyance.  The clever misspelling of checks as chex, has nothing to do with the cereal of the same name.  ChexSystems operates like a credit bureau, collecting information provided by banks in a searchable database.  You don’t have to worry about your neighbors searching though; you just have to worry if you’ve gotten yourself into their database when it comes time to open a new bank account.  Let’s say, for instance, you accidentally wrote a couple of bad checks on an account (of course, it wasn’t on purpose and you probably paid late fees and made it good) and your bank closed your account.  There’s a very good chance upon the closure of your account that you were reported to ChexSystems.  You’ll know this is the case when you go to another bank to open an account.  While you’re sitting in front of the banker, they run your name and social security number through the database and if it comes up flagged in ChexSystems, the bank refuses to open a new account.  The bad news is just about every national bank subscribes to ChexSystems.  You might get lucky at a local credit union, particularly ones that offer “second chance accounts,” a popular trend in banking as many people in this economy are finding themselves flagged in ChexSystems.  The good news is I’ve discovered a fairly simple and fool-proof work around for victims of ChexSystems.  Of course, there is a dispute process and you have rights to contest your listing in ChexSystems and even get a free credit report after you’ve been declined an account because of a ChexSystems listing.  But you and I both know that these dispute processes are lengthy, in writing by certified mail, and almost never successfully ending in your favor.  Although we’d all like to believe that the underdog in this society can bring the David to Goliath, so to speak, but in reality, people almost always lose against a corporation.  So instead of beating them, let’s join them.  The best solution is often right in plain sight and in this case, it’s to form a corporation.

Luckily, the legal system we operate in has this idea known as a legal fiction.  Clearly established laws provide that an entity is treated the same as a person.  What?  A corporation, LLC, trust, or a partnership, basically any entity has the same standing in the law as a natural person.  Sounds bizarre, I know but this is how the law works.  When a corporation applies for a bank account, it uses its federal issued employer identification number (EIN) to open the account.  If it’s a new entity, it’s guaranteed NOT to be listed in ChexSystems.  For those of you at home, contemplating your ChexSystems problem, the solution is to create a corporation.  Also fortunate is the ease with which a Nevada corporation can be formed, online and for about $200.  With your new Nevada corporation or LLC, you can go to the bank and open a business account without worries of your ChexSystems problem because the account is not being opened with your social security number but the EIN.  To complete the financial rescue, notify anyone that pays you that you’re doing business as a corporation and to make the payments out to the corporation.  Additionally, you can take advantage of tax breaks by smartly filing an IRS Sub Chapter (S) election which allows the income to pass through to you, avoiding the double taxation of corporations.  I hope you’ve enjoyed this ChexSystems work around and if you need any assistance with forming your Nevada corporation, be sure to contact me.

If you’re stuck in ChexSystems, and need help, check out ChexAccount.com – they offer free advice.