If you have had a troubled financial history, then you may be unable to get a checking account. However, all is not lost ? you can get second chance at opening another checking account. There are accounts which are called second chance checking accounts; these can give you a checking account again and put you on the path to getting a regular checking account in the future, even if you have been reported to ChexSystems or TeleCheck in the past.
In most cases, the information that got you reported to TeleCheck or ChexSystems will stay in the system for about five years or even more. However, second chance checking accounts let you reestablish yourself as a financially responsible person even though it may be impossible to open a regular one.
Banks know that there are a lot of people out there who cannot open a checking account but have the responsibility to manage their money responsibly enough to have a checking account ? this has led to many banks offering second chance checking accounts.
If you are someone who would be a good for a second chance checking account, then you can start by looking around at your local banks to see which of them provide these accounts. You should also evaluate the fees charged, if any ? some banks may charge as much as $300, but since there is plenty of competition, you might be able to get an account cheaper than this.
A second chance checking account comes with all of the benefits of a regular checking account; you will be able to have direct deposit of paychecks and use online banking. You’ll also be able to get a Visa or MasterCard debit card which can be used at an ATM.
If you just want a debit card and not a checking account, your setup will include a voided check so that your paychecks can be deposited directly to the account. You won’t have to have verification through ChexSystems or TeleCheck. And this is a regular debit card and not a prepaid card as some have talked about.
A second chance checking account can be a great option for you if you are tired of the hassle of having to pay your bills with cash instead of by check or automatically, or if you need to use money orders. Banks have begun to realize, of course, that everyone deserves a second chance, and you do, too. Most people take a checking account for granted, and don’t realize that not having one can cause major hassles.
If you don’t have a checking account, you can’t bank online ? and a lot of employers only pay by direct deposit; meaning that a checking account is essential. You could open a savings account and have your paycheck deposited there, but you will still have to go withdraw money or get money orders to pay bills.
If you’re ready for second chance checking, check around and see which of your local banks offer this service. Many more banks are jumping on the “second chance” checking bandwagon these days, because they realize so many customers are ready for a fresh start and a new chance. If this is you, go ahead and take your new chance today.
Tags: 2nd chance banking, 2nd chance checking account, Credit, new bank account, non chexsystems banks, second chance banking, second chance checking, second chance checking account