Do you have a bad credit and you still want to open a checking account? Well, in today’s society it is an option for people with bad credit.
Usually, checking accounts are refused based on what is called ChexSystems. A ChexSystems is a (eFunds Corporation)” eFunds, check verification service, consumer credit reporting agency like Experian, Equifax and TransUnion. While most credit reporting agencies broker data about how a consumer handles credit relationships, ChexSystems provides data related to how a consumer has handled deposit accounts at banking institutions.
With ChexSystem, U.S. banks and credit unions report incidents to ChexSystems to protect themselves and other banks in the future. You get reported to ChexSystems if your account is closed.
- The bank was unable to collect for an overdraft, ATM transaction, or automatic payment which they honored on insufficient funds.(Regardless of amount, and often without waiting more than a few days!)
- Multiple overdrafts.
- Savings account, debit card or ATM abuse.
- Providing false information in opening account.
There are some banks that do not use ChexSystems, but they are rare and hard to find, especially if you do not live in an urban area with a lot of choices. Some resources are available on the Internet.
Another option is get a savings account at a bank. If you can prove to be a long standing and good customer, they may be willing to compromise on a checking account.