So you have made some poor financial decisions. While we all have at some point or another, some of those decisions can have serious repercussions. In fact, bad decisions leading to poor credit can even make it more difficult to open a checking account.
There are, however, some banks that are more forgiving than others. I have used such banks myself, and if you want to get back on track, then I can show you how to open an account like this and even get a Visa or Mastercard debit card to go along with it.
Chexsystems can make opening a new checking account very difficult. If your name happens to appear in their database, opening a checking account can become a huge challenge and hassle. Do not despair, however, as there are many banks and credit unions out there that will open a checking account for you even if you are in the database. Such accounts may charge larger fees for the privilege of having the account.
Chexsystems is a credit reporting agency similar to leading reporting agencies like Experian, TransUnion and Equifax. Banks, credit unions and other financial institutions can access the database to see how a potential customer has handled his or her finances. Such checks with a reporting agency are very common when opening a new account with a bank or financial institution.
It should be noted that Chexsystems does not make the actual decision for opening a customer account. The bank or financial institution simply uses the information in their database and then makes their own decision based on their own criteria or standards. If you had troubles in the past that appear in the database but can show that you have paid off those debts, you may still be able to open a regular checking account.
There are numerous issues that could potentially show up on a Chexsystems report. Some of the possible items that may be reported are:
-Using or attempting to use false information to open accounts.
-Debit card or ATM card abuses.
If a bank has reported something negative about you within the database, it will list any reasons for doing so.
The simplest way to get off of such a list is to pay any unpaid debts you may have and to better manage your finances going forward.
If you are in the Chexsystems database, you still have some options.
Here are several banks that will still open checking accounts with bad credit even with a negative report and a brief review of each:
Compass Bank will open checking accounts for customers even with negative reports. While there is no minimum monthly balance requirement, the bank will charge a monthly service fee. An account here provides the ability to write checks and utilize online banking features. A debit card may also be provided on an account-by-account basis. Compass Bank is a large bank, and ranks in the top 25 largest commercial banks in the United States based on deposit market share. Simplify your financial life with BBVA Compass ClearChoice Free Checking by clicking here!
Opening a brokerage account with a broker like Etrade may come with checking privileges. You can even have your money direct deposited into you brokerage account, and your account may come with checks and a debit card. There is no online bill pay, however, and checks for bills or other expenses will have to be mailed accordingly.
This bank is willing to open checking accounts for customers that have had problems in the past. The ability to open a checking account comes with a price, however. You will need to pay a $9 fee to open a checking account here and they require a minimum $50 deposit. The bank also charges monthly fees beginning at $7.95 for customers that use direct deposit. If you do not use direct deposit, the monthly fee jumps to $9.95.
Wells Fargo is one of the most recognized names in the U.S. banking industry. Wells will work with customers who are in the Chexsystems database or who have poor credit scores, but they do have a requirement. The account holder must open a second service with Wells Fargo such as a savings account or an account that facilitates the sending of money abroad. This account will come with a $10 monthly fee, but this fee can be removed if the account is enabled for direct deposit or if it has an average monthly balance of $1000 or more.
Another powerhouse in the U.S. banking system, U.S. Bank also allows customers with previous issues to open accounts. That being said, the bank does still scrutinize and will only allow accounts where there is no negative reporting of fraud or attempted fraud. The account holder must make an initial deposit of $25 or more. In addition, you cannot write any checks on the account in the first month, and no overdrafts will be permitted.
M and F Bank
M and F Bank will open checking accounts for residents of Mississippi, Tennessee and Alabama that have had issues with accounts in the past. The bank does, however, charge a $9 monthly fee for such an account.
Bank of Arkansas
The Bank of Arkansas also offers an account for those with previous issues called a fresh start account. An account at this bank comes with checks, a debit card, free ATMs and online banking with Billpay. Account openers are required to make an initial $50 deposit. The account has a daily withdrawal limit of $150, and charges a monthly fee of $8.95. True to the accounts name, this bank offers customers the opportunity to move to a standard checking account after five months of responsible banking.
Focus Bank also allows customers with previous banking issues to open a checking account. The bank requires a minimum $50 initial deposit and also charges customers for checks.
Everbank uses a potential customer’s credit scores to determine checking account privileges. Accounts are approved or rejected on an individual basis, and even those with a low credit score may get approved. This bank does, however, have a much larger initial deposit requirement compared to other banks. Customers must make an initial deposit of $1500. Everbank checking customers get online and mobile banking services, ATM usage and the ability to set up direct deposit.
USAA Bank attracts military personnel, but one does not have to be in the military to to open an account with the bank. To open a new checking account with this bank, a customer must first become an associate. One can simply go online and apply in a matter of minutes. Once you are a member, you can also open a checking account online with an initial deposit of just $25. Account holders may be eligible for free ATM usage, mobile check deposit and online banking.
Atlantic Coast Bank
The Atlantic Coast Bank provides residents of Florida and Georgia the ability to open a new checking account even with a lousy banking history. These checking accounts offer customers checking privileges, online banking and ATM usage.
Colorado State Bank and Trust
Colorado State Bank and Trust offers customers with previous banking issues the opportunity to open a checking account. $50 is required to open such an account, and the maximum daily withdrawal limit is $150. Checking account customers may receive free ATM usage, online banking with Billpay and a debit card. Account holders are charged a monthly account maintenance fee of $8.95 and are provided with monthly statements. In addition, account holders may also be eligible for overdraft protection. After five months of responsible banking, customers may be given the opportunity to switch to a standard checking account.
Liberty Savings Bank
Liberty Savings Bank may open checking accounts for residents of Florida and Colorado who have had previous banking issues. Contact the bank directly for additional details.