Second Chance Checking Denies Accounts

Second Chance Checking, Fresh Start Checking, Get Checking and many other names are given to accounts that banks now offer to people that are on chexsystems. Most of these banks have requirements for these accounts. Generally, they will insist that before you are eligible for one of these accounts that you must have paid off any prior debts to any banks you may owe. Some of them require that the report either shows that you owe no money or that you have a letter from the bank showing that you paid the debt.

Most times a bank will tell you that this is all they need for you to open one of these accounts. However, chances are, once they pull your Chexsystems report, if the report inicated "fraud or suspected fraud" they will deny you even if your debt is paid. This is another reason why it is very important to know what your Chexsystems report says prior to looking for a new account.

Some banks will not open an account if the report indicates
"account abuse". It really depends on the individual bank. There are some banks that do not offer second chance checking and yet they will allow a person to open an account as long as the report shows as paid and fraud is not indicated.

I still believe you are best not to bank with a bank that uses chexsystems. However if you are going to, always have a back up account, and never have all your money in one place. Be sure to check out my list located under services.