Bad Credit Bank Accounts

Moving On With Your Financial Life...

Bad Credit Bank Accounts are not necessarily linked to your credit report per se, what it's really referring to is your negative credit standing with banks or similar financial institutions.

This could mean that you’re caught-up in the web of ChexSystems (which is a Credit Reporting Agency to the banking industry alerting banks about any negative items against you).

Or maybe you’ve developed a negative TeleCheck record for writing too many bad checks with merchants.

Or even 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 - due to this scarred banking history. And with increased restrictions being enforced, it is becoming more difficult to even get a simple savings account these days.

Banks just don’t want to take any chances. When you have a negative banking history, the news about you spreads quickly to other banks. Now you’re viewed as a High Risk! And banks want to avoid you like the plague.

Banks were not always this strict, but with all the identity thefts and increasing fraud cases, abandoned OVERdrafted accounts and other negative issues – they now have no choice but to be extremely discriminating with whom they allow the privilege of opening up an account.

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.

They’d rather you go stuff your money in a shoebox or sock before they risk their long-term financial well-being (and reputation) on risky business.

Now unfortunately this whole dilemma leaves you bankless. And as an adult in our society, you need a bank account to manage your financial affairs properly. Because as we both know a shoebox just won’t do the trick (at least not for long:)

Putting It All Back Together

By clearing the debt, it wipes your slate clean and is the start of a new beginning for you.

Depending on how old your debt is, you may not be on the ChexSystems or TeleCheck alert list yet (if your account hasn’t been shut down by the banks yet then you probably haven’t been reported - yet!

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 2 options for bad credit bank accounts:

Option 1
Bad Credit Bank Accounts

But of course the world still turns and you have to get on with your financial life. You need a bank account now. Not months from now, not years from now - but NOW!

One thing you can do is check around in your local area with some of the smaller banks, and ask them if they provide "Second Chance Checking Accounts" or "Bad Credit Bank Accounts". These types of banks usually aren’t connected with third party reporting agencies like ChexSystems. They just might be willing to give you a fresh start.

The only problem with this option, is that it is extremely hard to find local banks that offer bad credit bank accounts. Most banks just don’t specialize in second chance banking - because it's not financially rewarding enough for them.

However, many people have regained a successful banking relationship through a service a called GoChecking - a service that has been helping people secure a personal, joint or business banking relationship for over 7 years regardless of negative banking history.

Option 2
Bad Credit Bank Accounts

• Free Direct Deposit
• Online check writing privileges
• Visa / MasterCard Debit Card
• Overdraft protection
• FDIC-Insured Funds
  

And more…

With this type of account 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 grant you a Second Chance Banking Opportunity! It has worked for countless others in similar situations.

Return from Bad Credit Bank Accounts to Private Bad Credit Lenders

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