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Have you had financial problems in the past and are not eligible for a checking account? ChexSystems, TeleCheck, or bad credit can keep you from having a checking account. If being reported to one of these systems is keeping you from having a checking account, a second chance checking account may be the answer to your problems.
Information usually stays with reporting agencies for five years or longer, but you can still obtain a second chance checking account in many cases. If you have had a string of financial problems that have led to a closure of your previous checking account, it can be difficult if not impossible to open a regular checking account.
Banks are beginning to realize this, and to that end they have started to use what are called “second chance” checking accounts for people who have had financial difficulties in the past. When you’re looking for a bank that offers second chance checking accounts, check and see if they charge a fee for this. Some banks charge a fee of up to $300 in order for them to approve your checking account.
Nonetheless, second chance checking account is a real bank account. You can get them with checks and a demo card, as you can with most checking accounts. You will have the same benefits with a second chance checking account as you did with your previous account. You’ll still have a routing number and account number for direct deposits, and the debit card will work at any ATM, as with your previous one. They’ll also work as debit cards anywhere Visa or MasterCard (as applicable) are accepted.
If you opt to just get a debit card, you’ll still have a voided check in your setup so that you can have paychecks deposited directly. You won’t have to be verified through TeleCheck or ChexSystems. This is a regular debit card, too. It’s not a prepaid card as you may have heard of in other situations.
If you are tired of paying fees to have your check cashed and buying money orders to pay your bills, this may be the option for you. Everyone needs a second chance. Today a checking account is essential, from having your checks direct deposited to paying bills; it is a convenience that most people take for granted. However, if you are one of the unfortunate people that have had a little financial difficulty and have been denied a checking account you realize the problems not having an account can cause.
Many people do a majority of their banking online. This is impossible to do if you do not have a checking account. Many employers are requiring a bank account rather than paying with paper checks. This eliminates many problems and makes it easier for their payroll department. So today, you need a checking account. Yes, you can open a savings account and have everything deposited there, but this entails having to go to the bank to take money out.
What if, then, you could start fresh with a second chance checking account? Many banks have begun to do this, because they realize that these situations either were not the fault of the account holder or that this was simply a temporary situation that got out of control. These banks have decided to offer you a second chance, so why not take it?