Since you might be in ChexSystems, has it been impossible for you to open a savings account or checking account? Securing one might be easier than you ever imagined. Maybe you’ve already been denied the ability to open a bank account due to writing a bounced check, overdrafts, and so on. Perhaps you’ve been spending a small fortune on various alternatives to traditional bank accounts.
There are several such alternatives to bank accounts. Cashiers Checks is a type of check that a bank guarantees. Besides providing that guarantee, another key benefit is that Cashiers Checks are usually cleared one day after being written. Meanwhile, money orders are pre-paid, making them more trustworthy than personal checks. That makes a Money Order an ideal form of payment for those who have had past problems with checking accounts.
However, there are still various ways to secure a bank account while in ChexSystems. Here are some of the most effective ones:
1. Credit Unions
There are several benefits that you can enjoy by opening an account at a credit union. One of the biggest ones for someone in ChexSystems is that they often don’t place much weight on credit scores. In fact, sometimes they don’t check them at all! This certainly benefits someone who’s already in ChexSystems. Another benefit of credit unions is that they provide many of the same benefits as mainstream banks do, such as free online purchases.
2. Online Banks
You can find several online banks whose accounts are ideal for people in ChexSystems. Usually there are various limitations that apply, such as not being able to use paper-based checks. However, as with other alternatives to traditional bank accounts, the main benefit of using such online banks is that you’ll be able to enjoy banking. Due to consumers making increasingly more purchases online, choosing an online bank provides the ability to make such purchases while you’re still in ChexSystems.
3. Prepaid credit cards
This type of card is also known as a secured credit card. One of the drawbacks is that the card has a lower credit limit than unsecured credit cards. Another drawback is that you have to pay collateral before you have the ability to use the card. Many people who apply for prepaid credit cards have been denied after applying for unsecured credit cards. Thus, they provide an excellent option for those in ChexSystems. While being in ChexSystems isn’t exactly like having a bad credit score, the situation is somewhat similar. Thus, it’s an ideal choice for anyone who needs to make purchases more conveniently.
4. Second-chance bank accounts
As its name implies, this type of bank account is for people who have had past problems with savings accounts or checking accounts. It’s important to note that the “second chance” doesn’t come with certain requirements. They can include the need to use debit cards when using the account initially. Second-chance bank accounts can also require monthly fees, which can be somewhat high. All things considered, these requirements are arguably worthwhile since they give you the ability to own and use a bank account.