This article is a guest post from Kurt Lembo
If you’ve been stuck on the Chexsystem list for whatever reason, it’s easy to feel like no banks are willing to help you out. They see you as too risky to help out, and are protecting their butts by denying you a new account. Fortunately, there are a few options out there to get a new bank account, and they will help out everyone. In this post I want to discuss second chance banking accounts, and how to get them, so you can keep your finances moving forward.
Even if a bank won’t give you a checking account, they will probably give you a savings account. A savings account is very little risk to the bank, no matter what your history is like. Without a debit card or check book there isn’t a lot of trouble that you can get into! Having a savings account will allow you to stop paying check cashing fees, and after a while of keeping the account in good standing, the bank will probably offer you checking as well. Getting second chance banking accounts from a traditional institute is the easiest to do this way.
If you want everything that comes with a checking account quickly, alternative banks are the best way to do it. Companies like Rush Card and Vision Premier offer accounts that approve anyone who is a US citizen. They charge a small fee to activate and use the account, but it will end up being much less than check cashing fees. You can get all of the benefits of a checking account like direct deposit, checks, online shopping, online banking, and overdraft protection. These work like a line of credit that is equal to the amount of money that you have available. These are very similar to prepaid credit cards that can also work to improve your credit score while you use them.
Just because you’re stuck on the Chexsystem list and are blacklisted from the regular banking institutions doesn’t mean that there aren’t other options out there. Both of the methods discussed above have their own benefits, but anyone can do either. Quit getting screwed around with check cashing and step into an actual bank account!
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