Are you on chexsystems? Chances are that if you are reading this, then you are on chexsystems. It doesn’t matter whether you over drafted your account or if you were just simply a victim of chexsystems, your life is now changed. You will more than likely need a second chance bank account. Once you’re on chexsystems it is almost impossible to get off. The worst thing about it is the fact that it can take years to get a dispute cleared up. You can only be listed on chexsystems for up to five years. If you spend three years trying to dispute false information, you might as well have waited for it to get dropped. I personally think this is one of their dirty tricks they play just to keep you in their system as long as possible. Not to mention it cost money to view your chexsystem record and it cost even more to dispute a false listing.
Let’s try to forget how aggravating chexsystems is for a minute and let’s try to focus on getting a second chance bank account. I can honestly say that you absolutely need a bank account. It can be real hard trying to go through life without having a checking account. Almost everything we do now a days involves having a bank account one way or another. When looking for a second chance bank account, you will more than likely have to find one online. You can go down to the local banks and apply. You can even ask them if they check chexsytems before applying, but you still stand a risk of having your account shut down. Some banks do not check chexsytems when you sign up for an account, but they will eventually check. I personally lost quite a bit of money when this happened to me. I opened a checking account, and deposited my paycheck. A week later my account was closed after they ran a chexsystems report on me. They then took the funds that I owed to another bank and transferred them over. This is why I do not recommend a local bank; you must get an online account.
How is a second chance bank account different from a regular bank account? There is not a real big difference. Both will let you direct deposit, and both will let you pay your bills online. However, a second chance checking account will not let you overdraft your account. This is actually a good thing though, because it means you will not be able to spend what you do not have. The only other difference I have seen is that second chance checking accounts have slightly higher transaction fees. They may charge you a dollar when taking funds out at the atm. This is a small price to pay for a checking account.
It doesn’t really matter what your reason for wanting a second chance bank account, you really need one if you don’t have a normal bank account. You owe it to yourself to have a checking account.