If you have trouble being approved for a new savings or checking account, perhaps it is now time to look into banks that offer second chance banking. The most frequent reason for this is when a person\’s previous bank account has been closed with bank fees outstanding. Occasionally, it could also be attributable to having too many overdrafts in a prior account. These kinds of activities are all documented inside the ChexSystems database. If somebody closes an account which is still owing bank fees, that event will be noted in their ChexSystems file. The next time they attempt to open a brand new account and the record is present, they might be denied the chance of opening the account.

If you have been flagged by ChexSystems, there\’s a way for you to get around the ramifications through a no ChexSystems account. The very first thing you can do would be to find a bank that doesn\’t have ChexSystems checking accounts which means they do not use ChexSystems to decide whether or not to open a new account. You can find out by calling the banks or by researching on it via the world wide web. Some banks may possibly even advertise that they\’re not affiliated with ChexSystems on their websites or leaflets.

These days, most banks are members of the ChexSystems database but don\’t be concerned, as many of these banks will still present you with the opportunity of second chance banking. Some of them have a separate department that specialize in second chance banking. They may help you get a new bank account by referring you that way. These banks include nationwide and multi-state banks like Chase or USBank, Compass Bank, Wells Fargo and many smaller regional banks and credit unions. Apart from a second chance checking account, you will most likely qualify for a savings account too.

The excellent news is that these second chance bank accounts are nearly just like normal savings or checking accounts. You are able to write checks, do online bill pay, withdraw funds via an automated teller machine (ATM) and pay for purchases utilizing a debit card.

If the bank is a recognized member of the Federal Deposit Insurance Corporation (FDIC), the funds ought to be federal insured up to the regular amounts. As soon as you begin establishing a banking history with these banks, they will get to see if you can look after your account in good standing. If so, they\’ll most likely offer you an upgrade to a regular account.

Typically, it takes about 5 years for the ChexSystems database to drop the incidents off, so by establishing an excellent rapport with the bank through your second chance bank account, you get to have a regular bank account sooner rather than later. This benefit is a great reason to get started on a second chance bank account.

In summary, there are many banks that provide second chance banking services and no ChexSystems bank accounts. Don\’t give up on trying if you have been denied a checking account from other banks. Give the banks mentioned above a shot as well as look at other websites that could offer you more choices and additional explanations.

Author Bio: If you have been denied a checking account and want to see if second chance banking is right for you, check out the Second Chance Checking Accounts website at secondchance-checkingaccounts.com. Read articles on Second Chance Loans.

Category: Finances
Keywords: second chance banking, second chance checking accounts, chexsystems, 2nd chance banking