The Secret Checking Account Reports You Should Be Monitoring

The financial times may change, but one thing stays the same: Life is infinitely easier with a bank account. You might not have written an actual paper check in years, but a bank account is still fundamental to modern life. Only 6% of Americans are unbanked," meaning they have no bank account at all, and while it's possible to live a cash-only existence, having a bank account just has too many advantages to ignore, ranging from FDIC insurance on your deposits, earning interest, and having a relationship with a financial institution, which comes in handy when you want to borrow enormous sums of money to buy a house or need somewhere to deposit a paycheck.

This is why it's panic-inducing if your bank suddenly closes your accounts, or refuses to let you open one in the first place. The lack of information is the worst part-but there's actually a way to find out why your bank closed an account or denied one in the first place. It turns out that banks use reports similar to the credit reports used by lenders to determine the risk associated with letting you open or maintain an account with them. And you should be checking those reports every year, just like your credit report.

Your bank has secret reports about you

Surprised? You shouldn't be: Banks have every right to deny you an account or close an existing account, and they'll do so in a heartbeat if your risk profile skews the wrong way. The worst time to find out you're considered a risk is after your account has been closed or you've been denied one. Your best defense is checking your banking reports just like you check your credit reports (you do check your credit reports every year, right?).

The good news is that these secret bank account reports are subject to the Fair Credit Reporting Act just like your credit reports, and you can request a free copy once a year so you can review them for accuracy and dispute any errors. The bad news is that there are six-yes six-reports you need to review.

The reports you need to check s

Here are the six companies you should contact today (as in, right now) to request your banking report. The procedure is similar to requesting a credit report: You'll need to supply some basic information to confirm your identity, then download your report, review it, and contact the company about any problems in the way they specify.

• Early Warning Services. It's appropriate in some ways that the company sounds like it belongs in one of the Terminator movies, since it could be the harbinger of your personal financial apocalypse. You may have actually heard of Early Warning Services in a different context, because it owns the banking app Zelle. EWS is in turn co-owned by several banks, including Bank of America, PNC Bank, and Wells Fargo, making it the ultimate insider when it comes to your banking reports. You can request an Early Warning report here.

• Certegy Payment Solutions. Certegy collects consumer check writing histories and provides verification services to merchants, gambling sites, and banks. You can request a copy of your Certegy report here.

• Chex Systems. Chex Systems informs banks about unpaid fees, delinquencies, or other problems with previous bank accounts. They provide a risk score between 100 and 899, similar to a credit score. You can request a copy of your Chex report (and score) here.

• CrossCheck. CrossCheck is a bit more specialized, providing check verification services in the automotive, construction, retail, and medical business sectors. Still, if you ever write a check to a dentist or contractor, you should review this report every year. You can request a copy of your CrossCheck report here.

• Global Payments Check Services. Global Payments offers a range of verification services to both banks and businesses, including debt collection, which means unpaid debts may turn up on their reports even if they've been discharged. You can request a copy of your Global Payments report here.

• TeleCheck Services. TeleCheck Services has a focus on fraud reduction as it relates to bank accounts. You can request a copy of your TeleCheck report here.

While it can be a bit of work, checking each of these reports once a year-which is your legal right-is the best way you can protect yourself from fraud or simple mistakes that could cause problems opening or maintaining a bank account.