If you have bad credit and can’t open a bank account in the state Of Illinois because of it, you need to look at opening a second chance checking account. What is a second chance checking account? This is a special online bank account that anyone can qualify for. The reason for this is that these accounts don’t require any sort of ChexSystems credit check. ChexSystems is a sort of database that records the information of all the people who are considered bad banking clients. How do you get on the ChexSystems list? If you have had some financial trouble in the past that involves a bank in some way such as cashing or writing bad checks that remained unpaid – then you may have had your name submitted to the ChexSystems database. If your name makes the list, you will find it exceedingly hard to open a bank account with ANY bank branch. For example, if you owe one bank money and have your account frozen, you will not be able to jump to a completely different bank and open an account.
As you can imagine, this can cause some serious problems for people in Illinois as, without a bank account, it’s pretty much impossible to function in today’s society. This is where a second chance checking account comes in. A second chance account gives you what the name implies: a second chance. These accounts allow you to re-establish your relationship with the banking world. If you maintain a second chance account for a certain period of time, and it remains in good standing, you will be able to qualify for an regular checking account.
Make sure you do plenty of research before actually getting a second chance bank account. There are a different type of second chance accounts, and you want to make sure you choose the best one. 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.
Returned 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 ChexSystems. Additionally you can order a free copy of your report once a year from consumerdebit.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 ChexSystems verification for Second Chance Checking Accounts.
Below is a comprehensive list of these financial institutions in Illinois that can be reviewed at http://answers.infoaviator.org/?qa=286/any-non-chexsystems-banks-in-illinois&show=286#q286. Additionally, consumers can view our staff certified nationwide list of real banks offering second chance and fresh start checking account programs at http://infoaviator.org/finance/checking-accounts/2014/05/28/how-to-open-a-second-chance-checking/.
InfoAviator Publishing is a organization determined to help the un-banked currently residing in the cities and townships of (but not limited to) Glendale Heights, East St. Louis, Batavia, Niles, Alton, Chicago Heights, O’Fallon, Galesburg, Elk Grove, Highland Park, St. Charles, Pekin, Belvidere, Huntley, New Lenox, Glen Ellyn, Burbank, Woodridge, Addison, Vernon Hills, Mundelein, Gurnee, Zion, Melrose Park, Northbrook, Park Ridge, Westmont, Lansing, Granite, Carbondale, Kankakee, Rolling Meadows, Oswego, Oak Forest, Lockport, Edwardsville, Danville, Homer Glen, Collinsville, Lake in the Hills, Woodstock, West Chicago, Algonquin, Freeport, North Chicago, Round Lake Beach, Harvey, Wilmette, McHenry, Calumet, Elmwood Park in Illinois.