Finance Marketing Business

When it rains it pours. When one area of our finances suffers, it often takes the rest of our financial well being with it. Credit card debt leads to trouble in all areas including our home, autos, and even our checking account.

Often times when somebody gets in to financial trouble, their checking account suffers. Without enough money to cover expenses, overdraft fees and bounced checks begin to pile up leaving us unable to pay fees and get in to positive territory.

Most of us understand that when we don’t pay our bills on time, it may be reported to one or all of the three major reporting bureaus, but do banks do the same thing? An estimated 80% of banks report to ChexSystems. Similar to the bureaus, if you have a negative report on file, it is almost impossible to be approved for a new account.

You have the legal right to view your ChexSystems report for free if you are turned down for a checking account based on your report. You can go to chexhelp.com and request a copy of your report.

Many experts advise avoiding companies offering 2nd chance accounts because of the high fees associated with them.

Are there other ways to still be approved?

Yes there are. First, go to the bank of your choice and make an appointment with the branch manager or new accounts manager.

For those who had some short term problems but have started the rebuilding process, often banks will be more receptive to your request if you offer to open a $1,000 Certificate of Deposit for a year in exchange for a checking account.

If, within that year, you show a spotless record, your problems may be solved. Dont forget about credit unions. You most likely live in a city where you are able to become a member of a credit union.

They will often give you a chance to prove yourself especially if you take a class that helps you practice better financial habits. Keep in mind that there will probably be a small fee associated with this class.

If neither of these options work, then a prepaid card can do the trick. Many give free direct deposit and free bill pay. Eliminating those costly money orders and check cashing charges of $1.00 – $3.00.

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