- 1 Do You Know 2nd Chance Banking Service?
- 2 Second Chance Bank Account - Find Banks That Give A 2nd Chance
- 3 Banks and New Second Chance Checking Accounts
- 4 Peoples Bank and 2nd Chance Banking Service
- 5 IN KY 2nd Chance Bank – Community Bank
- 6 Second Chance Banks – 2nd Chance and Non Chexsystems Banks
Do You Know 2nd Chance Banking Service?
About 80% of banks and credit unions in the United States use ChexSystems, a consumer reporting agency that gathers information on closed checking and savings accounts. Additional terms may apply. Refer to your account disclosure for details. So, even if you have bad credit, that alone probably won't get you turned down for a checking account at most banks. No Chexsystems bank will help the customers who have been marked by Chexsystems. They usually have a monthly fee of somewhere between $5 and $10 and offer a short list of features like check-writing, a debit card, and online banking. Among the banks with second-chance checking products, there are options that can help you get your money on track. Anyone else that tells you there is some magical solution to getting a no chexsystems bank account is flat out lying.Discover Online Savings Account earns 0.95% interest which is 5x the national average for other banks.
ANYONE can open this account! If you have had a banking history that is rife with issues then learning as much as you can about Chexsystems and acquiring a bank account following it is important to know about. Let us look at that now. Banks that never used and still do not use Chexsystems are now using EWS. Almost everyone that has been reported to Chexsystems is also reported to EWS. Then there are banks and companies that want to take on higher risk customers, but that are ready and willing to charge them and freeze their accounts when things start going bad again.
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 peopleвЂ™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!
Banks and New Second Chance Checking Accounts
Many banks are starting to offer what are called second chance banking or second chance checking accounts. Homes across the nation began foreclosing, while businesses and banks felt the pinch of consumers who could not pay their debt. Continue reading →
If you are able to open an account with one of these banks it will more than likely be closed at a later time if you have been reported to EWS. Approval depends on many factors that are out of our control and we can not make any promises or guarantees that you will be successful in opening a second chance banking account. Continue reading →
Peoples Bank and 2nd Chance Banking Service
Peoples Bank offers a variety of checking accounts to meet each customer’s needs. This 2nd chance account features images of all your checks, has a minimum opening balance of $50, and comes with the Overdraft Privilege. The Maximum Checking account suggests you maintain a $1,500 balance in your account in order to avoid a $10 monthly service fee. Continue reading →
IN KY 2nd Chance Bank – Community Bank
Community Bank has a 2nd chance banking service called New Opportunity Checking which is right designed for the customers who may have a poor history of mishandling the previous checking account. It is a great opportunity to re-establish the history of credit and financial credibility.
The checking account has no minimum balance requirement. Other features include free telephone banking, free online banking and e-Statements. For those who have been marked by Chexsystems, the second chance checking is also a good option.
Community Bank is founded in 1991 as a full-service community bank committed to serving the customers with a full range of banking and lending services in New Albany, Jeffersonville, Clarksville, Floyds Knobs and Sellersburg, IN.
The bank has several awesome deposit account options such as e-Checking accounts, Fifty Plus accounts, interest Checking accounts, Max Rewards accounts and Health Savings accounts.
Addr: 401 E. Spring Street, New Albany, IN 47150
13205 Magisterial Drive, Louisville, KY 40223
Second Chance Banks – 2nd Chance and Non Chexsystems Banks
Articles on this Page
QNB’s Opportunity Account comes as a 2nd chance checking right designed for those customers with some banking challenges in the past. So, it is a good chance for them to regain their financial strength or rebuild personal finance. There is no requirement of minimum balance. You’ll be eligible for many benefits such as check card, […]
Farmers & Merchants State Bank’s Clean Start Checking is right for customers with past banking account issues. The account requires an opening deposit of $50 and monthly service fee of $9.95. There is no requirement of minimum balance. The checking account comes with free debit card, online banking, online statements, telephone banking, free transactions at […]
Bank of Texas offers Opportunity Checking to those customers who have been reported to Chexsystems. Make a deposit of $50, you can open the checking account to rebuild your personal finance soon. It will require a monthly service fee of $14.95. There are also many features designed including free online banking, Visa card, Billpay and […]