Payday Pundit » ChexSystems http://paydaypundit.org News and Information About The Payday Lending Industry Mon, 21 Jun 2010 21:00:48 +0000 http://wordpress.org/?v=2.9 en hourly 1 Who’s watching your bounced checks? http://paydaypundit.org/2008/04/14/who%e2%80%99s-watching-your-bounced-checks/ http://paydaypundit.org/2008/04/14/who%e2%80%99s-watching-your-bounced-checks/#comments Mon, 14 Apr 2008 17:47:11 +0000 Payday Pundit http://paydaypundit.org/?p=1006 According to Bankrate.com, the answer is ChexSystems, a company which holds your bounced check information for five years, providing data to other banks and lenders who asses whether you’re potentially a ”valued customer or a liability.”  Eighty percent of financial institutions use this service.

Of course, avoiding bounced checks is the number one reason consumers take out payday loans.

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