subject: Tip for No-Credit-Check Checking Accounts: Apply Online [print this page] Tip for No-Credit-Check Checking Accounts: Apply Online
Tip for No-Credit-Check Checking Accounts: Apply Online
Intro:
A checking account is something that everybody needs. Whether you have a steady job, receive monthly checks from a pension, or just earn money periodically, you need a safe place to put your money when you are not spending it. If you have been having trouble qualifying for a new checking account, here are tips you can use to open a new account today.
Body:
A checking account is something that everybody needs. Whether you have a steady job, receive monthly checks from a pension, or just earn money periodically, you need a safe place to put your money when you are not spending it. In addition, you need access to your cash when you want to withdraw it. You need a bank to issue checks in your name so that you can pay your bills. And, it doesn't hurt to earn interest on that money, either.
Reason for Getting Rejected for a New Checking Account
Theoretically, it should be as easy as cake to get a new checking account. After all, when you do so you are basically giving some lucky bank the permission to hold your money for you (which they can use as they please until you need it back!). Pretty good deal for the bank, right? So, why would a bank ever want to reject your application? The reason is clear: your name appears in something called Chex Systems.
About Chex Systems
Chex Systems is an electronic list that most banks use to share information with each other about their current and past customers. It is like a credit checking system for banks. Except, in the case of Chex Systems, your name appearing there has nothing to do with your FICO (credit) score.
If you have ever left your bank while owing them money, have ever been suspected of committing check fraud, or have otherwise raised a bank's eyebrows in regard to your banking practices your name has likely been reported to Chex Systems.
Unfortunately, once your name is there, it can be difficult to have it removed. Unlike the FICO score system used by lenders when considering new auto loan or mortgage applications, Chex Systems does not incorporate a "bank risk score." Rather, it is like a light switch: your name either appears there or it does not.
The Alternative is Second Chance Checking
For those who want a new checking account but whose names have been reported to Chex Systems, there is a viable alternative: second chance checking.
As its name implies, second chance checking banks offer you a second chance at a new bank account when others will not. This is a great option if you have ever been rejected for a new bank account. That is because they are like other banks in every way, except that they will never refer to Chex Systems when considering your new application.
Tip for No Credit-Check Checking Accounts: Apply Online
If you are interested in getting a second chance checking account, here is one important tip: apply online. By applying online, you will have the opportunity to first review a number of second chance checking banks before making your final decision. And, once you have selected the one you like, you can have the convenience of applying for an account right from your computer at home or at work.
When applying, be prepared to answer a few commonsense questions about yourself so that the new bank can verify your identity. After that, you are virtually 100% guaranteed a new account!
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