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Second Chance Checking Accounts - ChexSystems Records Not A Problem

With second chance checking accounts, even if your name is recorded within the ChexSystems database, you can still qualify for a checking account. Here's how it works.

Opening a new bank account might pose some difficulty for you if you have a bad financial history. These bank or credit union do not take into consideration your existing record on the ChexSystems of TeleCheck systems. Prior to allowing you to open a new bank account with them, most banks will do a quick scan of your credit history and see if your name is in the dreaded ChexSystems or Telecheck list.

The ChexSystems list is a database with the names of individuals who have unpaid overdrafts in the past or any relation to a case of fraud. There are other ways in which your name can end up on the list, such as an extremely high loan to mortgage ratio, but most people end up on the list because of unpaid bank overdrafts. Once on the list, your name is mostly kept on for a period of 5 years even if you settle your bills or contact them to request a removal. As such, people who are on this list will find it tough to open a new bank account.



Nonetheless, a new account is important, not only for individuals, but for people who want to start businesses and the like. Fortunately though, second chance checking accounts exist and are exactly what you need to get past this seemingly impassable obstacle.

A second chance checking account is far more lenient in the sense that fewer checks are conducted before you are allowed to start one. In addition, people with a credit history are also allowed to start an account. Some banks actually openly court customers with ChexSystems records. Applicants in various states across the US have reported that they have seen and responded to physical advertising signs that clearly state the banks' ChexSystems records friendly approach. There are also more and more places online where you can start such an account.

However, before you start any second chance checking accounts, do take note the terms and conditions of the checking accounts. Some banks or financial instituitions will charge application fees along with monthly fees. Usage fees for cashing or writing checks, having an ATM cards or online banking. In a way, banks may consider customers in this group higher risk than normal. Therefore, they want to be compensated for that risk and impose these types of fees. The key is to shop around and compare. If you research and find that the bank or financial institution behind it is legitimate, and the fees are reasonable, then it could be a good option.

Be careful about where to make an application. That many online sites dealing with this might be outright scams. They could entice you with an attractive opportunity of getting a checking account, only with ulterior motives for collecting your personal information and/or upfront money. Do your research well and thoroughly verify the information posted before signing up for any account.

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