Customers who have been struggling to find a way to open a bank account with no credit check often need to do so because of their poor credit situation. Whether it is a low credit score or a situation as worrisome as a bankruptcy, you might have to look into banks which offers account without Chexsystems and can help you open an account easily.
Such financial institutes are important because they allow you to make use of some flexible terms when it comes to starting a bank account. Credit score cannot be fixed overnight and obviously, no one wants to wait for months simply to own an account and exchange money using it.
So if you wish to avoid a credit check or get away with a poor credit score next time you apply to a bank, here’s what you should consider that will prove to be quite helpful in the future.
Opt For Secured Bank Account In Non-Chexsystems Banks
Similar to using a secured credit card, secure bank accounts are a reliable option when you are facing a poor credit situation. Since your credit report or banking history does not establish you as a reliable customer, you would have to provide some collateral that can help the finance company trust you.
Secured bank accounts have all the features that any other bank account offers. The only difference is that you will be asked to make an initial deposit as security. Most of these bank accounts report to credit bureaus or other reporting agencies and therefore they can help you improve your relationship with financial service providers if you maintain good habits.
Most banks that don’t use Chexsystems offer secured accounts to a customer with a shady history. Some of them also function with a second-chance account system which means they do perform a credit check for the sake of looking into your credit situation but that does not affect their decision or approving or disapproving your application.
Pros and Cons Of Opening a Secured Bank Account
Obviously, the biggest advantage that such accounts can offer you is that they let applicants surpass that need of good credit history for their approval. However, it should be kept in mind that you will be allowed to have an account with strict usage terms. For example, it is hardly likely that any company would let you default on monthly payments or waive them off completely.
Similarly, getting a bank account with poor credit history comes with a lot of requirements as compared to opening a standard checking account. You can not perform overdraft or avail discount offers unless you upgrade to a standard bank account.
So Should You Consider a Non-Chexsystems Bank Account?
There is no denying that second-chance or non-Chexsystems bank account has many limitations. However, if you compare them to other alternatives, they do offer many clear-cut advantages.
Provided that you can’t open an account without a credit check, you will eventually have to consider getting prepaid cards or other e-wallet services to help in cash management. Both these options carry high fees and do not report to any credit bureaus which implies you will be stuck in a poor credit situation for quite a long time.
If you perform thorough research, we are sure you will be able to find out a bank service that suits you best. Always keep in mind that best-secured accounts offer:
- Minimum monthly fees
- Free of minimum balance requirements
- No limit on the maximum transaction in a day
- Additional services like accounts cards and online money management tools
So this is our reliable method of getting a bank account without the worry of a credit check. Hopefully, you would like it and consider giving it a try in the future. If everything goes account to the plan you will soon be an account holder and take your first step towards improving your financial life quickly.