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Second Chance Banking Can Help You Rebuild Your Finances


Your credit card has a low credit limit?  Your auto loan has a high interest rate?  Your credit score hasn’t budged even though you have been making payments on time, even though you have been making all the payments on your buy now pay later (BNPL) purchases for more than a year?  Those all sound like high class worries when you don’t even have a bank account.  A lot of people who tremble in fear at the mention of Equifax, Experian, and TransUnion have never even heard of ChexSystems, but ChexSystems is what is standing between many thousands of unbanked Americans and a meaningful chance at financial stability.  So many things in life are easier and less expensive when you have a checking account than when you don’t, even if your account has very little money in it.  If your financial situation has gotten so bad that banks will not even let you deposit money with them, let alone borrow from them, contact a Boca Raton credit repair lawyer.

Second Chance Bank Accounts Don’t Let ChexSystems Stand in the Way of Your Chance to Open a Checking Account

Just as the credit reporting bureaus Equifax, Experian, and TransUnion keep record of consumers’ history of borrowing and repayment, ChexSystems keeps track of consumers’ use of checking accounts.  In other words, it records every time your account has a negative balance and how long it takes you to pay off that negative balance.  Even now that overdraft fees are becoming a thing of the past, an overdrawn account can make other banks reject you if you try to open a bank account at another financial institution.

Second chance bank accounts can function in either of two ways; some of them do not run a ChexSystems background check at all, while others will let you open a bank account regardless of your ChexSystems score.  Just as secured credit cards require you to pay a deposit, second chance bank accounts often charge a monthly fee.  It is well worth it, though, because the monthly fee on a second chance bank account is a lot cheaper than the cost of not having a checking account.  When you have a checking account, you don’t have to pay for money orders or prepaid debit cards to make transactions where the vendor does not accept cash.  You don’t have to cash your paycheck and then worry about losing your hard-earned money if it falls out of your pocket.  Most importantly, you don’t have to pay a small fortune every pay period to cash your check.  Opening a checking account, even a second chance one, opens the door to being eligible for credit cards and loans.

Contact a South Florida Debt Lawyer About Starting Over Again With a Second Chance Checking Account

A South Florida debt lawyer can help you recover your creditworthiness even if you are in such a bad financial situation that you are having a hard time even opening a checking account.  Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.



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