If you are constantly being denied the ability to open a new bank account, let alone a checking account, maybe you should start thinking about opening a second chance checking account. These checking accounts are for people who have bad credit, or people who have landed their names on the ChexSystems bank list. Opening a bank account is more difficult for people who were on ChexSystems versus having bad credit. You might have been denied a handful of times, but do not lose hope, there are a lot of options for people who are having financial difficulties and need a second chance. Directories like http://www.secondchancebanker.com can help you out.
Not all links called her checking account program the same. You might have heard of these accounts under the names of: second chance checking accounts, fresh start checking accounts, opportunity checking, bad credit checking account, or any other name that they branded their program with. For the most part, these bank accounts are made specifically for people who have had a rocky financial history. The bank already know that you need help, and that’s exactly what these bank accounts are for.
The last place you should look for one of these accounts is at a bank that you owed money for, and I do not mean banks that you have a loan with. I’m referring to banks where you might have had a huge number of non sufficient funds fees or overdraft fees, and your bank account was closed in the negative. So for instance, if your checking account with Bank of America was in the negative $200 and they closed your account on you, they are not going to give you a second chance checking account even if they had one.
These accounts will vary according to their benefits, and most likely the bank is going to have an extended hold on any checks that you deposit into your bank account. This is to ensure that you are not depositing any checks that are going to be bouncing. This is pretty typical, so if you need to have the money from a check available immediately, it is best to go to the bank for the check is being issued from.
One thing you might encounter, is that some banks are going to be charging a fee for this checking account. If you are able to find a free second chance checking account in your area, then you should be very thankful. There are a large number of banks who are charging fees to even have a regular checking account, and a good example is Citibank, said to not go into your search expecting to find a bank that will open you a new bank account for free.
As of right now, it is a really good idea that whichever bank opens you a new account, you should take extreme caution, learn from all of your mistakes that got you in this situation, and make sure that you keep all of your accounts from getting close to zero. The last thing you want to do at this point, is get a checking account with a fresh start, and get it close because you made more mistakes and got excessive overdraft or non sufficient funds fees.
It is also a really good idea to start building a relationship with your banker. When they are able to get to know you, they might be more willing to lend a helping hand. After some time of having a good standing with your bank account, they might upgrade you to a regular checking account, which means you will not have to wait for those extended holds on your checks.