1. In the old days, opening a financial institution account used to be a piece of cake. Back
then, you could walk into the bank, submit an application, and maybe create a small deposit
to obtain things started. That was it: story over, case closed. Nowadays, whenever you
apply for a new checking account, about 80% of banks refer to something called Chex
Systems to verify that you meet a particular minimum standard of eligibility to be perceived
as a worthy customer.
You will find banking alternatives and firms offering second chance checking accounts, but
the fees related to these accounts are often predatory and you will find limits to the account.
For example some of these accounts don't have checking writing privileges yet others do
not have debit cards. These restrictions often limit the account severely and also the fees
could damage the individuals financial situation more than it already is.
In response to this sometimes useful but instead inefficient Chex Systems process, many
banks have begun sprouting up that don't use Chex Systems at all to evaluate new clients.
Some of these banks use this fact as a selling point to draw in prospective customers who
may have had trouble getting approved by traditional banks. These banks taut their offerings
simply as second chance checking accounts.
To help your odds of being approved on Second Chance Checking, you should make sure
that all issues with previous banks are cleared. This means any money owed continues to
be paid and you have receipts to prove so if needed. Ensure that you have the funds
available (at least $100) to open the account along with a valid drivers license along with
your social security card. While it is normally not required, having direct deposit could help
your chances too.
