| When people are declined to open a new bank | | | | customer. Not all banks will have the same rules for |
| account, it is because their credit is bad. There are | | | | their bad credit bank account program. Make sure |
| two reports that a bank will use to make their | | | | that you compare different banks to make sure you |
| decision. One is to check your credit report, and the | | | | are getting the best deal. Most likely, you will not find |
| other is to check the Chex Systems report. If your | | | | a checking account that is free. You will most likely |
| name is on Chex Systems, do not be surprised if you | | | | have to pay a monthly fee, but that is not always |
| are not able to open a regular bank account. | | | | the case. If you are fortunate, you will be able to |
| Whether you are trying to open a savings account or | | | | find a bank that offers free bank accounts for your |
| a checking account, banks do not like to open a new | | | | credit situation. |
| account for customers who are on Chex Systems. | | | | There are a number of Credit Unions that are |
| You can still open an account, but you need to get a | | | | starting to offer these programs for people who |
| bad credit bank account. It is a new account that is | | | | have financial problems. The main problem people |
| designed for people who have poor credit. These | | | | have is Chex Systems. If your name is on this list, |
| types of accounts could have some restrictions. One | | | | you should work on having it removed. To do this, |
| restriction could be that it will take more time for a | | | | you will need to get a free report from Chex |
| cashed check to be fully deposited into your account. | | | | Systems, Inc. From there, you should work on having |
| The banks know that they are taking on a higher risk | | | | all the errors on that report removed. You might |
| when they are opening an account for someone with | | | | need to begin paying old debts from previous |
| bad credit. In order to decrease the amount of risk, | | | | accounts you had with banks. |
| they will limit the abilities of the bank account for the | | | | |