Second Chance Checking Account: Answer To Your Financial Woes

By: Stevenj.talrechi
Have you had financial problems in the past and are not eligible for a checking account? ChexSystems, TeleCheck, or bad credit can keep you from having a checking account. If being reported to one of these systems is keeping you from having a checking account, a second chance checking account may be the answer to your problems.

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.

Banks are beginning to realize this, and to that end they have started to use what are called "second chance" checking accounts for people who have had financial difficulties in the past. When you're looking for a bank that offers second chance checking accounts, check and see if they charge a fee for this. Some banks charge a fee of up to $300 in order for them to approve your checking account.

Nonetheless, second chance checking account is a real bank account. You can get them with checks and a demo card, as you can with most checking accounts. You will have the same benefits with a second chance checking account as you did with your previous account. You'll still have a routing number and account number for direct deposits, and the debit card will work at any ATM, as with your previous one. They'll also work as debit cards anywhere Visa or MasterCard (as applicable) are accepted.

If you just want a debit card and not the ability to write checks, your setup will include a voided check so that you can set things up to have your paychecks directly deposited. You don't have to go through credit checks or verification through either TeleCheck or ChexSystems. Other accounts may offer you a prepaid card, but this is in fact a regular debit card.

If you are tired of paying fees to have your check cashed and buying money orders to pay your bills, this may be the option for you. Everyone needs a second chance. Today a checking account is essential, from having your checks direct deposited to paying bills; it is a convenience that most people take for granted. However, if you are one of the unfortunate people that have had a little financial difficulty and have been denied a checking account you realize the problems not having an account can cause.

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.
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