Who’s watching your bounced checks?
April 14, 2008 | alternatives, industry | Comments (0)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.
