So you’ve screwed up in the past with your finances. We’ve all been there. Since the financial crisis that’s swept across the world, it’s been difficult for practically everyone to make ends meet. Mistakes can happen, we understand that. More than a few persons out there have found themselves out of work and unable to make car, home, or general loan payments. With most people enduring some sort of financial problems right now, there is a pretty big demand for checking accounts without chexsystems.
There are a few different solutions to your problem, the most popular being the Second Chance Checking Account.
The sad thing is, if you don’t have good bank history, you can find yourself getting dinged by the ChexSystems network. Now if you’ve never had any financial problems in the past, the you probably have never heard of TeleChex or Chexsytems. But if you can’t get a bank account because you have had some financial problems, you’ll know all about them – specifically, you’ll know just how hard it is to open a bank account.
Now first, what is ChexSystems? Chexystems is basically a service that gives people check verification, working a bit like some of the consumer credit reporting agencies like Equifax, etc. These credit reporting agencies create reports based on how consumers use their credit. ChexSystems, on the other hand, reports on how people use their bank accounts with financial institutions.
The bad news is that it’s pretty tough to get a bank account if you’ve had some financial problems. Some of these problems can include writing bad checks, not repaying a loan you owe your bank, or committing some sort of banking fraud. While this service does indeed protect some people, it also harms many people too. Suppose you simply miscalculated your funds and wrote a bad check. Should that be enough to ban you from ever opening a bank account again? According to the people behind ChexSystems, the answer is YES.
The good news is that you can still open a checking account without chexsystems. Now I’ll give you two ways. The first is to find a non chexsystem bank. That is, you can find a bank that does not use chexystems. This is not as hard as you may think. There are some banks out there that don’t require any sort of ChexSystems check, but these banks are in limited supply. Now, you need to be careful here. There are a lot of scam websites out there that will offer to sell you a list of bank accounts. Buy at your own risk. While I won’t say that all these sites offer bogus information, many of them do.
Here are three legit banks that don’t (as far as last time checking):
- Marketplace Bank – They verify your account using your Equifax credit report rather than ChexSystems.
- NetBank – This bank is willing to give out bank accounts to people with negatives on their ChexSystems report. Highly recommended.
- TD Waterhouse Online Bank – They do give out bank accounts if you have a negative ChexSystems record. But you will need to open an IRA account specifically.
The other option for opening a special bank account that’s just made specifically for people who have bad ChexSystems credit. These are often called second chance accounts.
Keep in mind that you are going to pay a hefty fee for opening an online second chance bank account, and there are some stiff restrictions at first – such as the inability to cash any sort of checks. Second chance accounts are pretty much the last ditch solution for people who can’t find a standard non-chexsystems bank in their area.
Now if you DON’T want to switch your bank account to an online internet second chance account or find a local bank that does not use chexsystems, then you are going to have to fight it out with Chexystems.
Some recommended things that you can do.
- Order your free chexsystems credit report here
- Write to the following address to appeal:
ChexSystems Consumer Relations
7805 Hudson Road
Woodbury, MN 55125
So if you want to get a no chexsystems checking account, there is certainly some hope out there for you. But, it’s up to you to look at all the options — it’s not going to be easy to get a bank account after you’ve found yourself on ChexSystems, but it is still possible.
If you are afraid of online banking to replace regular banking, don’t be. Here’s a short video about the process: