Financial Problems? Try a Second Chance Checking Account
If you had financial problems in the past and are eligible for checking account anymore, take heart. There is such a thing as a “second chance” checking account. Having bad credit or a report to TeleCheck or to ChexSystems can keep you from having a checking account, certainly, but a second chance checking account can be the answer to your difficulties.
Although information usually stays on these reporting agencies for five years or longer, there are steps you can take to obtain a second chance checking account. Often it only takes one financial problem to start a whole chain of events that can cause problems when it comes to opening a checking account.
Since there are banks that are beginning to realize this, they have started second chance checking accounts for people who may have had problems in the past. When you look for a bank that offers these types of checking accounts, make sure you check to see if they charge a fee for this. Some banks will charge a fee, sometimes up to $300, for their approval of your checking account.
Nevertheless, a second chance checking account is a real bank account. As with regular checking accounts, they have a debit card or checks available with them. The same benefits with your old checking account are available with your new one, too. You’ll still have a routing and account number, so that you can have your paychecks direct deposited if you wish. You’ll also likely have available to you a true debit card that works at any ATM, usually with a Visa or MasterCard logo. These, as with any other debit card, work anywhere that MasterCard or Visa credit cards do.
If you opt for just the debit card, a voided check will be included in your set-up so that you can have your paychecks direct deposited. There will be no credit checks or verification through either ChexSystems or TeleCheck. Whereas others offer you a prepaid card, this is a regular debit card.
If you’re tired of having to pay fees to have your check cashed and having to buy money orders to pay bills, this might work for you. Most people have made mistakes whereby they need a second chance simply to prove themselves. Today, at detecting account is almost essential; of course, having one allows you to have direct deposit for your paycheck, and most people need to pay at least some of the bills by check. Most people take this convenience for granted, but if you are someone who’s had financial difficulty and no longer are allowed to have a checking account, you know the problems not having a checking account can cause you.
Many people do a majority of their banking online. This is impossible to do if you do not have a checking account. Many employers are requiring a bank account rather than paying with paper checks. This eliminates many problems and makes it easier for their payroll department. So today, you need a checking account. Yes, you can open a savings account and have everything deposited there, but this entails having to go to the bank to take money out.
A second chance checking account gives you the opportunity to start fresh. Many banks also realize that this was a temporary problem, perhaps the fault of the account holder and perhaps not. This is why a second chance checking account is being offered. It might just offer you a second chance, too.
Filed under: Business