Second Chance Checking
Posted by
patrick
If you have had financial difficulties in the past, you will probably be turned down when you try to open a checking account. Financial institutions use monitoring services, such as Telecheck and ChexSystems, to alert them to consumers who are potential risks.
Bounced checks and fraudulent use are two of the activities that these services track. If you end up on the watch list of one of these services, you will be prevented from getting a new account for five years.
Sometimes people are placed on the alert lists through error. In those cases we suggest calling 800-513-7125 - this is a customer service number for chexsystem. Additionally you can order a free copy of your report once a year from chexhelp.com.
It is possible to dispute and remove this mark. However you must be able to prove that it is incorrect. For example a police report showing that your identity was stolen.
While most financial institutions will not approve someone with a damaged credit history, some companies will. You will be approved without the usual verification through one or more of the monitoring services for a prepaid credit card.
It will act just like a checking account, you will be able to write real physical checks to anyone through your online interface. You can directly deposit your paycheck for free. And you will have the freedom of using your money without the inconvenience of having to pay for money orders or payroll cashing fees.
Your card is typically FDIC insured or has fraud protection. This means your money is insured, so you can feel safe. You are guaranteed approval and you won't have to go through the discouraging process of applying only to be turned down, there is no credit check or chexsystem verification.
Each card has its own terms and conditions, so research it and read the fine print before you apply.
Bounced checks and fraudulent use are two of the activities that these services track. If you end up on the watch list of one of these services, you will be prevented from getting a new account for five years.
Sometimes people are placed on the alert lists through error. In those cases we suggest calling 800-513-7125 - this is a customer service number for chexsystem. Additionally you can order a free copy of your report once a year from chexhelp.com.
It is possible to dispute and remove this mark. However you must be able to prove that it is incorrect. For example a police report showing that your identity was stolen.
While most financial institutions will not approve someone with a damaged credit history, some companies will. You will be approved without the usual verification through one or more of the monitoring services for a prepaid credit card.
It will act just like a checking account, you will be able to write real physical checks to anyone through your online interface. You can directly deposit your paycheck for free. And you will have the freedom of using your money without the inconvenience of having to pay for money orders or payroll cashing fees.
Your card is typically FDIC insured or has fraud protection. This means your money is insured, so you can feel safe. You are guaranteed approval and you won't have to go through the discouraging process of applying only to be turned down, there is no credit check or chexsystem verification.
Each card has its own terms and conditions, so research it and read the fine print before you apply.
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For more about Bad Credit Checking Accounts or for a review of the popular prepaid Green Dot MasterCard visit us. Or for a free credit consultation call 1-800-483-0256.
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