If you think that only when you purchase savings bonds, you can secure yourself, then it can be wrong. There are second chance bank accounts as well in the market that can help you to save better. Let us have a closer look on some things.
What are second chance checking accounts?
When you often write down some bad checks for over-drawing cash from the bank account, then you soon might be blacklisted in ChexSystems. As this happens with you, banks will never let you to open a new account unless all the problems associated with the previous banks are cleared. There are certain banks which readily help you in correcting all your mistakes down if you have been blacklisted in ChexSystems. These types of banks can help you a lot in rectifying all your previous mistakes. You will have to pay a small price in order to get the credit back. They offer similar features same as that of normal checking account but has some safety measures for total protection. The safety measures took by the bank for them are as follows:
- The accounts are checkless which literally means that you will not have rights on check-writing.
- There are no chances of over drafting the account you hold and the limits on spending is set by the bank alone.
Most of these accounts will offer a card for accessing the ATM machine in order to withdraw some cash. Other than the ATM facility, it also offers online banking facility, online bill payments as well as monthly statements through online. To qualify for these second chance checking accounts, you will have to clear up all the problems which you had with the previous banks. You must then pay back all the cash that you owe from others. It also requires a minimum balance to be deposited while you open it. There will be monthly charges as well which can be either $10 or $25. This charge completely depends on the bank you choose. Once you know that you have been blacklisted in Chex, it is better to find for a 2nd chance checking account so that you can improve your credit score quickly.
What are second chance bank accounts?
The second chance banking accounts are for people who are not able to acquire the traditional checking account or a savings account. The second chance bank accounts are an ideal solution when you have been blacklisted in TeleCheck or ChexSystems. These two are just like the 3 credit agencies that take care of your credit score. If you have been blacklisted in any one, then you will have to take some action. The second chance banking will assist you in making a new start with a fresh responsibility. When you have a bank account, you will be able to save all the cash in a safe way and earn some interest with the amount you have deposited. To open up the 2nd chance bank accounts, you will have to pay a very less amount. There is no requirement of credit check with such accounts. The procedures for opening these accounts are really very simple. All you have to do is to fill in the application form with all the necessary details along with a photocopy of your ID and a tiny deposit. When the account has been opened, you are free for making some transactions. There is plethora of companies that have started to offer such accounts but you will have to make a complete research on it so that you can pick the best one and which fulfills all your requirements.