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