We are all experiencing financial crisis brought by the recession in the past years. Wherever we live in the world, we cannot escape its strong impact in our daily lives. Poverty disables us to pay our dues or bills and one day we will wake up in deep financial trouble. Yet, we cannot do anything about it. In the end, we might find ourselves with bad credit history.

Having a poor credit rating will make it more difficult for financially-troubled individuals to open a new bank account. Why? Traditionally, banks make use of ChexSystems. This is a check verification service for eFunds and at the same time, consumer credit reporting agency. It will report the details of how a consumer handled deposit accounts and their banking practice at various banks or credit unions. This is considered as the credit bureau where all member banks share information about you. It will enable the banks to study your banking history and they can decide whether you are a good potential costumer or a bad risk. Since ChexSystems database will store your bad listing for five years, it would be difficult to remove that ugly stain of poor credit rating. Imagine if the banks found out that you have a bad credit history, you cannot open an account for five years!

Good thing  are now being offered by more and more banks to provide banking services especially to those who are marked with poor credit rating. Some may view second chance checking as expensive and painful to the pocket since most of the time, the consumer needs to settle their loans to other banks and credit unions first, in full amount, before they can open the account. Aside from that, there is absolutely no guarantee that your application will be approved right away. Nevertheless, you need to check out the benefits of having a  account and look at it as a positive opportunity. To start with, you need to carefully examine the restrictions and fees involved in opening your very own second chance checking.

Just like any “normal” checking account, second chance checking are safe to use. However, there are specific rules and limitations in setting up the account. As usual, there is a written terms and conditions and most of them are written in small printed letters. If you cannot fully comprehend what you are about to sign, it is best to call or drop by the bank and talk to the assigned personnel so you will have a full grasp of what second chance checking account is all about.

Probably the most important to consider is to which bank you will sign up. Be cautious in choosing the financial institution that you will open your second chance checking account. Watch out for the bank names that you never heard of, it is essential to go for the approved well-known banks. You will never go wrong if you do your own research on each bank.

Once you opened your second chance checking account, make sure you will follow the restrictions and avoid having mistakes. Remember, this is your second chance and there is no such thing as third checking account!



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