Second Chance Bank Accounts – Get A Fresh Start
Are you currently looking into second chance bank accounts but are not sure how to get things started?
For 99% of the people who have tried but could not get approved for a new account, the reason for their rejection has nothing to do with their credit score (as many mistakenly believe at first). Rather, it has everything to do with something called ChexSystems.
ChexSystems is basically a database that most banks use to share information with each other about customers whom they deem to be a risk in terms of being a good would-be banking customer.
If you have been having trouble getting approved for a new account, it is likely that ChexSystems is to blame. Your name could be there
for any number of reasons. Unfortunately, it is very difficult to get one’s name removed from ChexSystems. Many have tried, few have succeeded. Once your name is there, it is hard to get your name removed again.
Luckily, there is another option if you want to get approved for a new checking account: find a second chance bank.
Another Option: Second Chance Banking
Second chance banks are banks that promise to never refer to ChexSystems when considering you for a new bank account. They are in business primarily to serve folks like you: those who could not get approved at another bank.
If you are living without a bank account, here are 3 reasons you should consider opening a checking account with a second chance bank:
1. Second chance banks are completely identical to other banks in every way – except that they will not refer to ChexSystems when considering your application. Meaning, approval rates are nearly 100%.
2. Second chance bank accounts are available widely across many states and with different banks and credit unions. You can even find many that will let you open an account online, so the application and approval process is a snap.
3. The good news is, as an added benefit of this is that some of these accounts come along with a credit builder. You’ll have the opportunity to rebuild your credit by paying your ordinary bills on time i.e. rent, utilities, cellphone, etc.
Second chance banking is an excellent option if you are currently living without a bank account.