How to Open a Checking Account while listed on Chexsystems

Second Chance Checking Accounts are checking accounts that are designed for people who cant otherwise open a checking account due to bad credit or being listed negatively on Chexsystems.

Chexsystems is a credit reporting agency that banks use to check a persons past banking history.

It is reported that over 85% of all banks in the US use Chexsystems to verify a person's banking history before opening a checking account.

Once listed on Chexsystems, your name will remain on the list for 5 years. During that time it may be extremely difficult to open a checking account.

The most common reason for ending up on the Chexsystems list is an unpaid debt owed to a bank. When someone overdraws their account, banks usually give that person a grace period to repay the debt. If the debt is left unpaid, the bank is left unpaid there is a very good chance that the person was reported to Chexsystems. Also, even if the debt has been paid, the bank is under no obligation to remove the name from the Chexsystems list.

Second Chance Checking Accounts are designed for people that have been denied opening a checking account. These accounts work just like regular checking accounts. Before opening a second chance account be sure to read the fine print because it may have limitations or fees. Depending on your whereabouts, second chance accounts might be difficult to find.

There are someonline banks and companies that offer second chance checking nationwide. These usually come with a prepaid debit card, and some come offer paper checks and a routing number.