A lot of times people are banned from getting accounts in the banks because of their name being on the Chexsystems. This has resulted in an alternative option that is the second chance checking accounts. These second chance checking accounts are opened by most the local banks and the large national banks.
The primary reason for you being banned form opening an account is that you name will appear on the Chexsystems records. Chexsystems is a company which will have the name of all the individuals' reported to it by the participating banks. These individuals will be reported if in case they have done any fraud or have been banned because of the bankruptcy. In some case if you have huge unpaid fees due to the bank then the bank can potentially report you onto the Chexsystems.
If your name is there then you will be denied the option to open a regular checking account. However you need not despair as there are non-Chexsystems banks which do not even subscribe to the Chexsystems theory. There are a other banking players who are out to get customers and they will not subscribe to the theory of Chexsystems.
The account which they will open for you is known as the second chance checking accounts. In this account you will be able to open the accounts and get an ATM or debit card. You will also get the accounts to be full functional with one major constraint and that is that you may not be able to write checks.
Recently the new wave of thinking is that it is better not to have the Chexsystems as a lot of banks are of the opinion that they can manage the non-compliant better than banning the people from having no account. This has helped a lot of people who were earlier left with no bank account at all. - 29969
The primary reason for you being banned form opening an account is that you name will appear on the Chexsystems records. Chexsystems is a company which will have the name of all the individuals' reported to it by the participating banks. These individuals will be reported if in case they have done any fraud or have been banned because of the bankruptcy. In some case if you have huge unpaid fees due to the bank then the bank can potentially report you onto the Chexsystems.
If your name is there then you will be denied the option to open a regular checking account. However you need not despair as there are non-Chexsystems banks which do not even subscribe to the Chexsystems theory. There are a other banking players who are out to get customers and they will not subscribe to the theory of Chexsystems.
The account which they will open for you is known as the second chance checking accounts. In this account you will be able to open the accounts and get an ATM or debit card. You will also get the accounts to be full functional with one major constraint and that is that you may not be able to write checks.
Recently the new wave of thinking is that it is better not to have the Chexsystems as a lot of banks are of the opinion that they can manage the non-compliant better than banning the people from having no account. This has helped a lot of people who were earlier left with no bank account at all. - 29969
About the Author:
Find out more about the banks offering second chance checking and also about overdraft protection checking accounts
