Second Chance Bank Account - Getting A Fresh Starts

If you have experienced financial problems in the past, you may need a second chance bank account to open a new checking or savings account. If you've had your name entered into the Chexsystems or TeleCheck database listing you as a person with outstanding obligations to a bank, then you probably know that is very hard to open a checking or savings account at many banks. However, there are solutions available to you.

Opening a Second Chance Bank Account

In order to open a bank account, when your name is listed on the Chexsystems or TeleCheck database, you will need to find a bank that does not use the services of these companies. While they are few, there are banks that do not use the Chexsystems or TeleCheck databases for her checking a potential customer’s banking history. .

In fact, there are many credit unions that do not use the system at all and offer new clients the ability to open a checking account regardless of the client's past banking or credit history. These types of banks simply rely on the fact that you will not have access to funds that you don't have available. Furthermore, these banks realize that the amount of money that they may lose with a potential client is limited to any overdraft fees or other service charges that may be associated with poor performance accounts.

Other Options

There are also banks that are offering second chance accounts to customers - that do normally check the Chexsystems or TeleCheck database but simply ignore the results. Typically these kinds of accounts are considered probationary accounts and are closely watched for the first six months to one year. However, if you maintain the account in good standing and don't make any overdraft or write any bad checks, the probationary status will be lifted and the account will be elevated to a normal status checking or savings account.

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