Closing account fees. In the old days, a bank would give you a toaster for opening an account. The industry's little-known blacklist. An agency called ChexSystems keeps a low profile, but if it gets your name on its list, you're in for trouble. It keeps track of checking and savings accounts that are closed because of excessive rubber checks or overdraft fees.
Banks use the database to see who's a poor risk.
The problem is, ChexSystems doesn't just rat on criminals and chronic slackers. Bounce one or two checks by accident and you can make the list. The information stays in the system for five years and can keep folks who made an honest mistake from opening another account. At Chase Manhattan, for example, when a customer exceeds 10 transactions per cycle, the account is subject to charges and balance requirements for higher-tier accounts. Experts predict the era of big-brother banking.