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Second Chance Checking Accounts - A 2nd Chance To Help You Get A Checking Account

If you checking account application has been denied, it may be time to consider second chance checking accounts.

There is a consumer watchdog for bank account activities called ChexSystems. Many who have been denied a regular checking account have a negative record within the ChexSystems database. Banks who are members of this organization report what they consider bad account activities to the ChexSystems database. By sharing this information amongst all member banks, it is meant to help the banking industry as a whole stay away from what they consider poor customers. As many as 8 out of 10 banks are members of ChexSystems.



There are various events that could bring about a name being reported to ChexSystems. Some of these include the account holder getting their account overdrawn too many times in a limited amount of time. Another is having an account closed with overdraft and other fees still outstanding. Some people may have reasons for closing their accounts with fees outstanding and moving on to another bank. However, when the new bank you apply to looks into the applicant's ChexSystems record, they may have reason to disapprove an application.

We all know that having a checking account is vital to healthy financial management. It is useful for individuals. For a business, it is tough to handle numerous operations transactions without a checking account. We all make errors in judgement, and whatever the reasons behind the predicament may be, there is a way out. Second chance checking accounts are meant to provide people who may have a tarnished banking record a second chance to get a bank account.

Second chance checking accounts have much less stringent requirements as compared to regular checking accounts. Even if a bank is a ChexSystems member and the bank officer can see an existing record for your name, they will still be willing to approve your new account under their second chance checking program.

However, you should be prepared that as a second chance account holder, there may be more restrictions on your account. For example, you may find that the bank may limit the number of checks you can write. They may also levy a monthly fee for the account that is higher than what they charge for regular checking customers. So before you jump in and apply to the first second chance checking program you find on the internet, be sure to read through the terms and conditions

There is a good second chance checking accounts program offered by People's Cash Solutions. At the time of this writing, they are presenting a good bundle of benefits for users, including free online banking and ATM cards. You can check them out, alongside a few other second chance checking banks, before you make a decision.

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