Finance

by Steven J. Talrechi

If you have had a troubled financial history, then you may be unable to get a checking account. However, all is not lost, you can get second chance at opening another checking account. There are accounts which are called second chance checking accounts; these can give you a checking account again and put you on the path to getting a regular checking account in the future, even if you have been reported to ChexSystems or TeleCheck in the past.

In most cases, the information that got you reported to TeleCheck or ChexSystems will stay in the system for about five years or even more. However, second chance checking accounts let you reestablish yourself as a financially responsible person even though it may be impossible to open a regular one. Banks know that there are a lot of people out there who cannot open a checking account but have the responsibility to manage their money responsibly enough to have a checking account. This has led to many banks offering second chance checking accounts. If you think that you may be a good candidate for one of these second chance checking accounts, you should begin by looking at which of your local banks offer them. You also should note what kinds of fees they charge for these accounts ? some will charge as much as $300, but you can likely find one for less. A second chance checking account comes with all of the benefits of a regular checking account; you will be able to have direct deposit of paychecks and use online banking. You’ll also be able to get a Visa or MasterCard debit card which can be used at an ATM. If you just want a debit card and not a checking account, your setup will include a voided check so that your paychecks can be deposited directly to the account. You won’t have to have verification through ChexSystems or TeleCheck. And this is a regular debit card and not a prepaid card as some have talked about. Paying all of your bills can be a real hassle. A second chance checking account will give you the ability to pay your bills by automatic deduction, by check or even online! Banks are starting to understand that there are a lot of people out there who could use a second chance. After all, many of us don’t really all of the responsibilities involved with having a checking account when we first open one. And of course, a lot of us are unaware of how many difficulties that not having a checking account can create. No checking account means no online banking; something which is almost a requirement now. Of course, many employers require accounts for direct deposit purposes. While you could have your paychecks direct deposited into a savings account, this means that you’ll still have to withdraw funds or get money orders when you need to pay bills. If second chance checking accounts sound like the solution for you, you’ll be glad to know that the number of banks offering these accounts is growing. There are many who could use a fresh start ? if you could too, start looking for a second chance checking account today!

About Steven J. Talrechi:

Steven J. Talrechi has been reporting on credit and credit practices for 12 years. He specializes in assiting others with second chance banking and obtaining a checking account when they have been turned down by banks.

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