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Getting An Online Checking Account With Bad Credit

Some people think that getting an online checking account with bad credit is difficult. Fortunately, there are ways to get an online checking account approved despite bad credit situations.

Is There A Chance To Get An Online Checking Account With Bad Credit?

The short answer is yes. If you've ever come across the term second chance checking account, it is a category of bank accounts specially designed to allow people the opportunity to get approved for a bank account even if they do not meet the regular requirements. It is helpful to understand that the reason why you have been denied a regular checking account is most likely due to a negative record in the ChexSystems database, rather than a low credit score or limited credit history.

Most banks use the ChexSystems database to see if new applicants have any kind of flags, but in most cases they will not look into your credit history. That said, there is some level of correlation; as people in a bad credit fix have experienced spill-over effects on their ChexSystems records and vice versa. To get an online checking account when in a bad credit situation, focus on finding a bank with flexible policies towards individuals or businesses that are flagged in the ChexSystems database.



Sometimes, a bank's ChexSystems policy towards applicants is clearly stated on the website of the individual banks or financial institutions. Other times, it may take a phone call to customer support, or even a visit to branch office to find this out. For example, the financial institution may state that they offer second chance checking accounts or fresh start checking accounts for people who do not usually qualify for a checking account. Other times, they may say that bad credit or ChexSystem records are not a problem. If they are explicit like in these examples, you know you will not have any problems getting a new savings or checking account approved.

The application process can be done entirely online, or it may require a visit to a branch office, or having to mail in documents. Whichever method it happens to be, once you get approved for the online checking account, you are free to enjoy all the privileges associated with it.

Why Get An Online Checking Account?

An online checking account offers lots of conveniences when it comes to managing your finances. With online banking, you have a hold of your expenses, wherever you may be in the world. You can track your accounts activity in real time, so that you can easily keep tabs on your balances and become less likely to suffer another blow from bad credit.

In addition, these accounts usually come with an ATM card that is accessible through a wide network of automated teller machines, as well as having a Visa or Mastercard check card feature. This Visa or Mastercard card feature allows you to purchase good or services directly at retail stores or online websites directly using your ATM debit card even if you do not have a credit card.

Online Checking Account With Bad Credit And FDIC Insurance

An approved online checking account despite bad credit will still carry FDIC insurance if the banking institution is a member of the Federal Deposit Insurance Corporation (FDIC). As with the case of other bank accounts, you must make sure that the bank is registered with the Federal Deposit Insurance Corporation of FDIC so that your money is insured, even on an online account. So before opening your bank account, make sure you perform this check. You can find this out through the FDIC website.

Online Checking Account With Bad Credit - A Summary

In summary, it is possible to get an online checking account despite bad credit. You may have to look a little bit harder but it is quite widely available. Banks like US Bank, ING Direct and People's Cash Solutions are a few suggestions, and you can find more by browsing online. Once you've found the bank, make sure that it features some banking transactions that are well suited for your needs. Things such as 24/7 banking and an ATM check card are common features needed by most applicants.

Getting an online checking account will help with managing one's finances. Over time, it can bring about many associated benefits, helping you move away from any bad credit history as you establish a respectable credit score. A first step is to start searching on the internet for FDIC member banks that provide online checking accounts despite bad credit.

As an alternative to a conventional checking account, consider a prepaid Visa card account with no ChexSystems requirements. It works just like a checking account, allowing for direct deposit of paychecks and online billpay (one-time or recurring payments). You can deposit cash into the account from 135,000 retail locations nationwide. In addition, the card can be used anywhere Visa is accepted. Click to learn more: The Perfect Alternative to a Checking Account!


The perfect alternative to a checking account