2nd Chance Bank Account
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If anyone ever needed a 2nd chance bank account, it would be the person who has had credit problems which precipitated an over draft problem and the subsequent closure of a checking account. For a person who has always had a bank account, there would be no appreciation of not having the privilege of depositing, withdrawing and not having an ATM. Imagine having to keep your cash in a tuna fish can under the counter or having to put up with a spouse who makes tuna fish withdrawals and there is no record of it anywhere! So a 2nd chance bank account is quite common in the 21st century because so many people are having credit and financial problems. An estimated seventy percent of all Americans are living pay check to paycheck and any small financial emergency is often putting them into overdraft mode. Too many of these occurrences and a checking account is automatically shut down and it becomes time to put the money under a mattress.
So without a 2nd chance bank account, many people have to go and pay money to a check cashing office just to cash their payroll check. Then these same folks also have to buy money orders for every bill they have to pay. I smell a whiff of tuna fish. The world system is not very forgiving, like the banks that are being discussed but God is nothing but forgiving as illustrated by the attitude of Jesus. "Then Peter came to him and said Lord how oft shall my brother sin against me and I forgive him? Till seven times? And Jesus saith unto him 'I say not unto thee seven times but until seventy times seven.'" (Matthew 18:21, 22)
The existence of ChexSystems and Telecheck which are the credit bureaus of the banking industry is the primary bane of those having trouble with overdrafts and bounced checks. In fact, a lending institution may report to one of these agencies for a number of grievances. For example, if an ATM pays too much money out and the bank cannot collect its overage money back, a person will be reported. If a person somehow abuses the use of a debit card or has lied to the bank about some required personal information, all of that is reported to these two agencies. As a result, every lending institution across the country that uses these agencies will not cash the consumer's checks and often not extend any services. So the need for a 2nd chance bank account for many consumers (eight million) is not exaggerated.
Often times a report to one of these reporting agencies may place very big obstacle in the way to receiving services from many banks again. And now the tuna fish can is smelling pretty rank. Incidents that are reported by a bank remain on the two agencies' files for five years. So the lending institutions that do provide a 2nd chance bank account are providing a tremendous service to the customers that have learned to how to better handle their finances. Over eighty percent of banks in the United States use one of these two reporting agencies, so finding a lending institution that does not use one of them can be a daunting task. As a service to the public, at least one of these agencies provides, for a small fee, an updated list of banks that do not use their system.
The agencies that record the bank discrepancies that bring about a freeze on accounts do work with consumers who show a real desire to clear up their past history by owning up to financial responsibilities. The five year stain on one's history will not go away ahead of time, but working in concert with both the bank and reporting agency can go a long way to resolving what can often be a standoff. In many cases, the result is a 2nd chance bank account. With such an account in place life can get back to normal. But if a cooperating lending institution cannot be found, there is another alternative.
In times past a local ledning institution was the icon of financial service and security. For centuries, a lending institution often parked itself on the corners of Rock and Solid and did business five and a half days a week. But now online banks that have no stone edifice and no bank vaults with four ton doors are vying for the business of those who do need a 2nd chance bank account. These banks are typically not tied to the two recording agencies that bring about so much misery even to the customer who has just made a couple of accounting errors in their checkbook. The fees are typically close to the traditional banks and the services are nearly identical. A person can use direct deposit for payroll checks and will be able to do all of the customer's banking online such as pay bills, move money around and view all transactions with a mouse click.
These second chance online banks provide a bank routing number, account number and a debit card with either a Visa or MasterCard logo. For those who have gotten entangled in one of the two reporting agencies' webs, a 2nd chance bank account is a wonderful answer. While a handful of traditional banks are available, but must be found through diligent search to provide grace to a faltering consumer, the online banks are the real deal and all funds under a hundred thousand dollar are insured by the FDIC. If you have been having trouble getting banking services, take a deep breath and know there is help just a few mouse clicks away. In fact, throw out that tuna can and flip that mattress 'cause it probably needs it after hiding all that filthy cash.
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