Bad Credit Bank Account
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A bad credit bank account is a highly welcomed solution for those who have been unable to obtain a traditional bank account due to overdrafts or other banking missteps. Those who cannot obtain regular lending institution privileges cannot have ATM accessibility or any depositing or withdrawal availability. An estimated eight million Americans fit into this category and the numbers will always grow during tougher economic times and hopefully decrease during boom eras. With an estimated seventy percent of all Americans living paycheck to paycheck, more and more candidates for a bad credit bank account may surface. The alternative for having no access to lending institution services may be the mattress and perhaps one of those fake Drano cans under the sink where money can be hidden quite surreptitiously. Can you imagine a pizza guy ringing the doorbell and the husband saying, "Honey bring the Drano so I can pay this guy?"
The person who has no access to regular banking services has a real dilemma on his hands. The first one is the reality that he is not available for direct deposit conveniences. The means that he will receive a paper check every two weeks and will have to seek out a checking cashing service for the ability to redeem a payroll check. So there is a cost for that. On top of that issue, the person will have to use money orders to pay all bills rendered through snail mail. At an average charge of seventy five cents for those things, that could amount to almost a hundred dollars a year just as a result of such a bad credit handicap. So the access to a bad credit bank account is highly desirable for a large segment of American consumers.
The reason for the fake Drano can and mattress usage along with a bad credit bank account is the existence of two bank reporting companies, Telecheck and ChexSystems. These two companies could be compared quite conveniently to the credit reporting agencies used by lenders to factor in credit worthiness. In this particular case, these two reporting agencies actually record all banking service violations and pass them on to all banks in their networks. The result is that when a consumer gets on the list of these agencies, eighty percent of all banks' services in the US become off limits for violators. But these agencies are violator friendly in that they will provide (for a small fee) lists of non customer banks that may yet provide services for them. Genuine Christians have found a faith in God's providential ways that provides a "cannot be shaken faith." Jesus described such a person this way: "He is like a man which built an house, and digged deep, and laid the foundation on a rock: and when the flood arose, the stream beat vehemently upon that house and could not shake it: for it was founded upon a rock." (Luke 6:48)
Being issued a freeze on banking service is kind of like smacking an elephant with a broom stick. A couple of whacks on his behind won't bother him, but if you keep it up, the dude will sit on your car. In the same way, getting a bank freeze won't occur if you have an overdraft or if you get more money out from an ATM than should have. It's only when a person doesn't take care of the overdraft, or only when you don't pay the money back from the ATM overage that the need for a bad credit bank account emerges. If a customer blatantly lies about information given to the bank or abuses the debit card issued in his name it then becomes a prime reason for freezing one's banking privileges and thus the need for a bad credit bank account becomes necessary.
Once faced with the need for a bad credit bank account becomes necessary, the search for an accommodating lending institution can be daunting. The fact that a bank doesn't use one of these two reporting agencies is not advertised anywhere, so a lot of phone calling might be in order, unless someone does buy that list of non-participatory banks from one of the agencies. Today, the best source of banks not using ChexSystems or Telecheck is online banking institutions. Not only do they not use these reporting agencies, they welcome those needing a banking institution but have sullied pasts regarding abuses of bank services. Online banking is actually the preferred method of banking for many people possessing good relations with their own lending institution.
So a person that does get an online bad credit bank account has all of the same services the snooty neighbor next door has when he goes to his glass and chrome bank down the street. O yeah, he does a lollipop for his daughter and a dog biscuit for the pooch when going through the drive-up. But the convenience of direct deposit is there and online bill paying is also available. That's a really cool way of being to immediately pay a bill when it arrives at the mailbox. And there is no doubt that the money was sent or that it arrived on time at the creditor. Additionally, the customer will be issued a debit card that can be used at any ATM machine, and in all stores or retail outlets that take credit card purchases. And the best thing is that all deposits and savings are protected by the FDIC up to a hundred thousand dollars.
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