Non Chex System Banks
Non chex system banks are a good way to get around ChexSystems. ChexSystems can be a major headache for anyone who wants to open a new bank account. If you are unfortunate enough to actually have your name submitted by a bank to ChexSystems, you are going to find it almost impossible to open a regular bank account.
So if you can’t open a bank account because you are listed in either ChexSystems of Telecheck, what options are available to you?
You basically have a couple choices. You can choose to wait until the ChexSystems drops your name from their database. While this is certainly a valid solution, the time required is significant – roughly 5 or so years.
You can search for a non chex system bank. You will hear many people online telling you that it’s impossible to find a non chex system bank. This is simply not true. It’s difficult, but not impossible. The problem is that banks don’t like to advertise what sort of system they use (Chexsystems, Telecheck, neither, etc). This means that the only way you can find these banks are to physically visit the banks and ask or to get some sort of recommendation online. If you search around online, you may find other non ChexSystems bank account offers as well. Basically, you are just going to have to put some solid research work into looking for banks that don’t use ChexSystems. It can take you a while to find these banks, but the effort may be worth it – you could very well find a no credit check bank.
The other option you can think about is to use an internet bank that offers a second chance bank account. 2nd chance checking account is a special online bank account that offers you all the features of regular bank account but does not require a ChexSystems credit check to start one. A lot of people who are on the ChexSystems list end up starting a second chance checking account.
So how can you start second chance checking account? The best way is to look around online for this type of account. Be sure to check out as many offers as possible. Not all terms offered by each company will be the same. Your goal is to look at what’s being offered and secure the best possible deal for yourself – and with a bit of comparison shopping, you can find a second chance account with some good terms.
Finding non chexsystem banks are the only way you can open a bank account with bad credit. Either spend the time looking for a non ChexSystems bank or open a second chance account. You won’t have any options outside of these, other than wait 5 years for your name to disappear from the ChexSystems list.