How to Find Guaranteed Chance Checking With No Initial Deposit

November 21, 2010

This is a service offered to banks by a company called eFunds and it is referred to by about 80% of banks when someone applies to open a new checking account. Bottom line about Chex Systems: it is bad news for your prospects of opening a new checking account if your name shows up there.

In addition to having had multiple overdrafts, other reasons for getting reported to Chex Systems include owing banks for overdrafts that they paid for on your behalf at some point in the past, having committed some form of bank fraud, or having abused a debit card.

Once you are in Chex Systems, it can be very hard to get your checking account application accepted. This is a very frustrating experience, as anyone will surely agree if they have ever been turned down for something as basic as a checking account.

Many people whose application for a new checking account has been denied have heard of something called 2nd chance checking. But what exactly is this? 2nd chance checking is a product offered by a few but growing number of banks. These banks purposefully do not refer to Chex Systems when considering an application – thereby removing that potential barrier to getting accepted.

It’s hard to be a functioning member of society without having a bank account, if one wants to carry their own credit card, debit card, etc. People who have been rejected due to showing up in Chex Systems now have another option. As its name implies, 2nd chance checking is a way for people to get a “second chance” at having a personal checking account again.

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