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.
Already, big players in the industry are trying out the next generation of banking software, which sorts customers by how profitable they are. Bankrate Inc. All rights reserved.