Second Chance Bank Account - Find Banks That Give A 2nd Chance
A second chance bank account is an avenue open to those of us who may have been denied a checking or savings account application.
For those of us with difficulties opening new accounts with banks due to a previous bad credit record, a second chance bank account would be exactly what you need. 80% of the banks in the United States use checking systems such as ChexSystems or TeleCheck to determine the financial history of the new customers. However, having a previous case of unpaid overdraft or other similar reasons can get your name listed down in a ChexSystems list. What this means is that the banks will reject you if you try to open a brand new account with them.
Nonetheless, even banks realize that people make mistakes and everyone deserves a 2nd chance. A bank account is also crucial in most people’s daily lives so it is only reasonable that there is another way for people with bad credit histories to start anew. In opening a second chance bank account, the bank need not pass your name through any checking system and will allow you to start even if you have had a bad credit history in the past.
Of course, all these benefits associated with a second chance bank account also come with a cost. With the recent financial meltdown and current economic state the country is in, financial giants such as banks are under close scrutiny from the media and public. It would be unwise to allow these 2nd chance accounts the same privileges normal bank accounts have. In order to safeguard themselves, these types of accounts may require monthly fees and/or more restrictions than normal accounts. Some banks also require that the applicant go through a short financial education course in order to open an account.
There are presently a few ways in which you can open a second chance bank account and a number of organizations that can educate or help you in that. A good place to start may be to check out the websites of various banks online. Some sites include more information about their second chance banking practices while others provide less information. If you are unable to find specifics regarding their ChexSystems policies, you could also contact them directly by phone to inquire.
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!