Second Chance Checking Account
How Do I Get a Bank Account If I’ve Been Blacklisted by ChexSystems?
Some people might wonder how anyone could live without a bank account. The truth is that there are a lot of people who don’t have bank accounts in the United States. The Federal Deposit Insurance Corporation released a survey back in 2015 and it showed that roughly 16 million American adults come from “unbanked households.” This means they do not handle their finances through a traditional bank or financial institution. Instead, the only thing they can do is cash their checks at check-cashing stores and be subjected to extensive fees each time they do it. And if they want to use a debit card, their only option will be to get one that charges high fees. Either way, they are in a bad situation.
Fortunately, second chance checking accounts are available at certain credit unions and banking institutions. The difference between a second chance checking account and a regular checking account is that a second chance account can be opened without having your consumer report or banking history reviewed first. That way, if you’ve had troubles with your past bank accounts, these negative marks on your consumer report will not be looked at and will not determine whether you get approved for a 2nd chance checking account. With regular checking accounts, banks will usually check both the ChexSystems consumer report and the credit report from the three main credit bureaus. Obviously, if you’ve had a troubled banking history, then you’ll want to open a 2nd chance checking account so that history does not get reviewed.