Second chance bank accounts are offered for people who have had financial struggles and have subsequently had their bank account suspended or closed. These second chance bank accounts are also called non-ChexSystems checking accounts.
A checking account holder who has any type of financial misdemeanor may be at risk of being reported to ChexSystems. ChexSystems is a consumer reporting agency and check verification service which is used by approximately 80% of the country's banks. Whenever a check is bounced, an overdraft lilmit is exceeded, or a payment is not honored, the transgression will be reported to ChexSystems.
Doing any or all of these things on a consistent basis will lead to your being entered into ChexSystems, thereby placing your account at risk of being closed. Once this happens, it will be extremely difficult to open another checking account because most banks will not open an account for you because of your past payment history.
These second chance bank accounts are offered in order to allow people the opportunity to start fresh. If your bank account has been closed, you may be able to start fresh with one of these accounts and work to clean up your banking history. These accounts offer many of the same benefits as regular bank accounts such as accessing deposited funds and paying bills.
A variety of banks and finance companies offer second chance bank accounts. You can even find some of these companies on the internet. To be accepted for one of these accounts, you will need to complete an application and provide address and identification information, which will be verified.
It would be wise to request a copy of your report from ChexSystems before you open a second chance bank account. Take a few moments to review the information on your report. You will want to check the accuracy of all entries reported. If you find any inaccurate or false information, you can request that the information be revised or deleted. It may be that you cannot open a new checking account because there is inaccurate or false information reported which does not pertain to you.
If the information reported is accurate and you cannot open a regular checking account, then a second chance bank account may be a good idea. Besides being easy to open, second chance bank accounts are, as the name suggests, for people who need a second chance.
Before applying for one of these second chance bank accounts, it is wise to shop around. These bank accounts often charge monthly or annual fees and some even require a one-time payment for opening the account. Therefore, it is smart to shop around and get the best deal. - 29866
A checking account holder who has any type of financial misdemeanor may be at risk of being reported to ChexSystems. ChexSystems is a consumer reporting agency and check verification service which is used by approximately 80% of the country's banks. Whenever a check is bounced, an overdraft lilmit is exceeded, or a payment is not honored, the transgression will be reported to ChexSystems.
Doing any or all of these things on a consistent basis will lead to your being entered into ChexSystems, thereby placing your account at risk of being closed. Once this happens, it will be extremely difficult to open another checking account because most banks will not open an account for you because of your past payment history.
These second chance bank accounts are offered in order to allow people the opportunity to start fresh. If your bank account has been closed, you may be able to start fresh with one of these accounts and work to clean up your banking history. These accounts offer many of the same benefits as regular bank accounts such as accessing deposited funds and paying bills.
A variety of banks and finance companies offer second chance bank accounts. You can even find some of these companies on the internet. To be accepted for one of these accounts, you will need to complete an application and provide address and identification information, which will be verified.
It would be wise to request a copy of your report from ChexSystems before you open a second chance bank account. Take a few moments to review the information on your report. You will want to check the accuracy of all entries reported. If you find any inaccurate or false information, you can request that the information be revised or deleted. It may be that you cannot open a new checking account because there is inaccurate or false information reported which does not pertain to you.
If the information reported is accurate and you cannot open a regular checking account, then a second chance bank account may be a good idea. Besides being easy to open, second chance bank accounts are, as the name suggests, for people who need a second chance.
Before applying for one of these second chance bank accounts, it is wise to shop around. These bank accounts often charge monthly or annual fees and some even require a one-time payment for opening the account. Therefore, it is smart to shop around and get the best deal. - 29866
About the Author:
Lexington Law Fixed this Man's Bad Credit and Raised His Score by 163 Points. See Why it Works at www.lexingtonlawreviews.com.
