BOSTON (AP) _ Congressional challenger Michael Conway is blanketing northern Massachusetts this weekend with 8,331 white rubber checks signed by fictitious Congressman Chester Malarkey.

Republican Conway's gimmick takes direct aim at two Massachusetts incumbent Democrats who are among those whose bounced checks helped lead to the impending shutdown of the U.S. House of Representatives bank.

Similar publicity ploys may be spawned by the House bank scandal in what may become a nasty, anti-incumbent campaign year, political analysts said.

''I like it,'' said Ronald Kaufman, the White House political director. ''Check bouncing is an arrogance of power that people understand and are infuriated by.''

A General Accounting Office report revealed 134 congressmen bounced a total of 8,331 checks at the members-only bank. There were no penalties for bouncing checks, in effect granting the politicians interest-free loans from the money their colleagues deposited.

''If the average working person did that, we'd end up paying fines to the bank in amounts as high as $25,'' said Conway, a 34-year-old insurance agent from the mill city of Lowell. ''It shows the Congress has removed itself from the everyday problems of working folks in this country.''

Conway invented Congressman Chester Malarkey because redistricting will determine whether he faces Rep. Chester Atkins or Rep. Edward Markey in November 1992.

Kaufman said he's met cab drivers and construction workers in Pittsburgh, Los Angeles and Louisiana who ''are really ticked off at the arrogance of these guys.''

A CBS-New York Times poll this month found that three-fifths of Americans consider congressional privileges, which include free parking, gymnasium, medical care, picture frames, dictionaries and maps, ''unjustifiable.''

Conway's two potential opponents had little to say on the bank scandal.

Atkins' aide Mark Provost said Thursday the bank was the only congressional perquisite his boss had enjoyed. ''Chet doesn't have time to avail himself of the perks.''

Markey and his staff did not return several calls.

GOP strategists say Democrats will be particularly vulnerable in the ''rubbergate'' scandal.

''What it does for Republicans is it certainly builds upon the anti- incumbent mood and anti-Congress mood in the country,'' said Gary Koops, spokesman for the Republican National Committee.

''It's the Democratic leadership that has permitted this abuse and created the environment for it,'' said Lawrence Purporo, a spokesman for the National Republican Congressional Committee. ''If there's a cause and culprit, it lies with the Democratic leadership.''

Paul Tully, political director at the Democratic National Committee fired back: ''Everything's the fault of the Democrats from that committee. They have been doing this old line for decades now. It's about as meaningful as the Reagan Revolution.''

More neutral observers predict challengers will capitalize on the scandal, but voter fury may wane by the 1992 elections.

''It's a clever campaign tactic and it's an issue that clearly angers people,'' said Larry Sabato, a political analyst at the University of Virginia. ''The problem is going to be stretching the life of the issue more than a year. The public memory is awfully short.''

He and other analysts point to misplaced predictions that voters would show their disdain over the latest congressional pay raise by ousting incumbents a year ago. But for the most part, voters either forgot or didn't care.

Both sides agree it will be up to the lesser-known challengers to hound the incumbents about the House bank and other perks.

At the Republican committee ''rubbergate has certainly spurred our recruitment efforts,'' Purporo said.

Sabato said the talented political operatives will fashion arguments that support both sides.

''For the incumbents who bounced the checks, you'll find the congressional campaign committees supplying them with lots of defenses and rationales,'' he said. ''At the same time they'll be supplying challengers with information for an attack tactic.''