What is ChexSystems?

ChexSystems meaning in finance or banking terminology / glossary / dictionary is:
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. ChexSystems only shares information with the member institutions; it does not decide on new account openings. Generally, information remains on ChexSystems for five years. See also ChexSystems.


reference: Dictionary of Banking Terms and Phrases