Having a bank account is almost essential in today's society. Most people take having a bank account for granted. Those of us who have ended up on ChexSystems' list don't take them for granted anymore -- the expense and frustration of having to rely on Check Cashing stores and Money Orders can get old quickly!
The simple fact is that bank accounts make life simpler and cheaper. What other reasons do you need? Millions of people don't have bank accounts. Some don't have a bank account because they don't want one (for example, many illegal immigrants don’t get a bank account for fear of being reported to the immigration services, other people don’t get a bank account because they mistrust banks, etc.). Many others don’t have a bank account because they are on the list maintained by ChexSystems.
You can read more about what ChexSystems is, and how you get on their "bad" list. However, this article is about why you need a bank account, and how you can get one even if you are on ChexSystems' list.
Bank accounts open up a world of other opportunities as well. By having a bank account, you can:
Save money and start building a nest egg (some checking accounts let you earn interest on your deposits);
Start to build a better credit history so you can enjoy cheaper loans, credit cards, and insurance rates;
Build a relationship with a bank so that you can get credit from the bank;
Easily send money to relatives (even overseas!);
Buy things by phone or over the Internet; and
Get cash out of ATMs around the world.
Having a bank account is sometimes referred to as the first step in the "road to credit". It is important that you take steps to open a new account and start building a credit history.
There is bad news and good news. The bad news is that experts estimate that 80-90% of all banks use ChexSystems to make their new account decisions. That means that you have a pretty slim chance of finding a bank that doesn't use ChexSystems. The good news is that there are a few banks that don't use ChexSystems. The difficulty is in finding one of those banks. These bank accounts are often referred to as "second chance" bank accounts. When you find a good one, you should take advantage of it!
Luckily, resources are available (but be careful!). On the Internet, you can find a number of sources that claim to provide lists of banks that don't use ChexSystems. Unfortunately, many of these lists are out of date. One list we saw had over 100 banks on it—but it was so out of date that only 3 of the banks actually did not use ChexSystems. Don't pay for one of these lists.
Take your first step to get back on the path to credit. Save time and save money—open a second chance bank account today!
