Moving On With Your Financial Life…
Bad Credit Bank Accounts (otherwise known as second chance checking accounts) can really help you if you’re caught-up in the web of ChexSystems or TeleCheck.
Or perhaps you’re an unfortunate victim of identity theft, and as a result it has damaged your banking record.
Whatever the case may be, it will be quite difficult for you to open up a new bank account with a scarred banking history.
Banks are in the business of making money, not losing money. And if they view you as a high risk they will turn you away with the quickness… It doesn’t matter if you have a fat lump sum of money in your hands ready to bank with them. They don’t care.
Now unfortunately this whole dilemma leaves a lot of citizens bankless. And as an adult in our society, you need some type of bank account in order to manage your financial affairs conveniently.
Putting It All Back Together
If you have the financial means, then it is advisable that you go ahead and pay off any debt that you owe to banks (assuming that the debt is actually yours, and not a reporting error or identity theft situation. In this case you will want to dispute the debt to the fullest).
By clearing the debt, it wipes your slate clean and is the start of a new beginning for you.
If not, then wooh good for you!-) …because now you still might be able to make workable payment arrangements directly with your bank before your name hits ChexSystems or TeleCheck. You don’t want to be on these lists because once you’re in “The System” it can be a long grueling process. ChexSystems is known to lock people in their system for up to 5 l o n g years…
It is good speak to with your bank ASAP, let them know you want to make payment arrangements with them. Be sure to ask them if they have already reported you to ChexSystems and/or TeleCheck, and if not, ask them if you can make arrangements to resolve your account – before your name gets stuck on those dreaded lists.
And if you’ve already been reported to ChexSystems or TeleCheck, then banks most likely have (or should have) made several prior attempts/alerts giving you the chance to resolve your debt. So once they report you to ChexSystems or TeleCheck, it’s probably too late to stop the process.
Your name may already be in “The System” now. That’s why it is best to make strong attempts to resolve your debt, as soon as possible (if at all possible) before it gets to this crucial point.
Now lets take a look at some other banking options
Second Chance Banking Options
One thing you can do is check around in your local area or online with some of the smaller banks or credit unions, and ask them if they provide “Second Chance Checking Accounts” or “Bad Credit Bank Accounts”. These types of banks will usually override third party reporting agencies like ChexSystems. They just might be willing to give you a fresh start.
You can also try a new wave way of banking with a form of checkless checking. These bad credit bank accounts are usually online banking solutions and most will approve you – even if you have a negative TeleCheck or ChexSystems record. Some benefits of these types of Second Chance Checking Accounts include:
- Free Direct Deposit
- Online check writing privileges
- Visa / MasterCard Debit Card
- Overdraft protection
- FDIC-Insured Funds
With Internet banking you won’t have to worry about paper checks, which is likely better for your situation – because paper checks are hard to keep track of. And having to balance your checkbook all the time can be a hassle.
Not to mention bounced checks is one of the Top Reasons why so many people have developed a negative banking history. Checkless Checking is definitely a viable option in these modern times.
Bad Credit Bank Accounts can surely provide you with a Second Chance Banking Opportunity!