Personal Finance: Second-Chance Checking Accounts For People With Bad Credit

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If you pay off the amount then you might be able to have a checking account with another bank if it wasn’t a fraudulent transaction. When it’s a fraud, you will not be able to obtain another checking account for another seven years. This is why it’s important to keep your checking account in good status with the bank.

After seven years, you’ll be able to get another checking account with another bank. During that waiting period you can cash your checks in person at any banks. The bank will cash your check for you with proper IDs like a driver license. You can also cash it out at cash and check places or grocery stores. There’re checking account for people with bad credit and you can apply for them. You can apply for these accounts online. They will approve you with no credit check and you can get your account number instantly online to use. They will usually mail your check card home in a week. There’s usually a $10 charge to open the account. There will also be maintenance fees each month. They will charge you $2 for every live customer service call and $5-$10 per month for account services. They will charge you for ATM withdrawal too. There’ll be some company that won’t charge you this much. They do offer free automated phone access and online access to your account. They also offer free direct deposit and free transfer online. You can use the checking account for income direct deposit. Direct deposit works with no fees. There will be no check with this kind of card. You will get to make direct deposit from your employer, paypal, money order or Western Union.

You can do a search on google and these companies will come up. You can fill out an application and get approved instantly within minutes. There’s not much of a difference between these account and a checking account. The only difference is that you can’t make ATM deposit and write checks but other than that you can direct deposit and use the ATM card like your check card. It’s convenient and helpful to have these cards to store your money away. You can use these while waiting for the seven years to clear your record. You can use these seven years to build your credit back up so you can have a better credit score. It’s easy to improve your credit score if you spend credit cards and then pay your bills on time. You can have better score again if you try to improve it. There’re credit cards for people with bad credit too. The banks that usually offer checking accounts for people with bad credit are account now, ready visa, and regular banks. The regular banks have special type of account for people with bad credit and you won’t have checks or be able to make deposits either.

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