Has anyone ever needed a second chance checking account after getting put into the Chexsystems database? If so, Woodforest National Bank offers one. They have branches inside a lot of Wal-Marts. The only downside is that you do have to pay to get a debit card. It's still a good option for those who have messed up with bank accounts before but who need one now. Just a heads' up! Does anyone know about any other second chance checking accounts?
I don't know of any others, but I'm quite familiar with WoodForests' option! Sometimes you can get them to waive the debit card cost, but even if not, I think it's still worth it, considering you may not be able to get a bank account otherwise. What exactly is the Chexsystems database, though? I've never heard of it.
If you close a bank account or something with a negative balance, you get added to Chexsystems. It's basically like a credit report, but it only covers your history with bank accounts. It shows any negative balances you might have left in the last X amount of years (5 or 7?), etc. It also shows fraudulent activity if you participate in that. When you go to open a checking account, most banks check it to determine if they want to offer you an account or not.
I believe Union Bank has a second chance program and also offer low CD rates (less than $500 to open). However, they are not my favorite bank and I would recommend anyone let s few years pass after paying off the ChexSystems amount. Once the latter is achieved, there are a few banks and credit unions that have varying qualifications.Log In, just scroll down to the bottom and choose the state in which you reside.
US Bank offers second chance checking. My sister was in Chexsystems and it took her a long time to finally be able to get a checking account. Some local credit unions also are more community friendly and might give you an opportunity to start fresh.
That's why I like using cash; you can't HAVE a negative amount of CASH (well, you can 'owe people CASH'; but that's just if you borrow, unwilling to accept the CASH as a gift ) But 'checks' are the safest way to mail money (if you don't count PayPal & Bitcoin credits as "CASH money"), and most banks won't CASH your checks unless you have an account with them ... sure, you can take it to a 'cash-for-checks' place; but their greedy, sticky fingers are stickier than if you can just CASH the check at your bank!
I knew that Chexsystems reported closed bank accounts but I wonder if they report open ones that are overdrawn. I've literally been overdrawn for 2 weeks and tried to open an online Ally checking account to use as a backup account for paying bills so that I'm not dependent on one bank account for everything. I was declined for the Ally checking account even though I've only been overdrawn for 2 weeks at BofA. I wonder if Chexsystems reports that quickly that someone is overdrawn.
I believe chexsystems is only for delinquent accounts that have gone to collections. Being overdrawn for a few weeks would not put you on the list. If the account is negative for an extended amount of time the bank will close it and then try to get their money back from you. If they are not successful, you'll be put on the chexsystems list.
