Second Chance Bank Account
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A second chance bank account was the wish and hope of the woman standing outside a check cashing store on a cold winter morning. Every two weeks, early on Saturday morning she would stand in line and pay fifteen dollars to get a payroll check cashed, and then buy money orders to pay bills, always at least eight dollars. This is the plight of all consumers who have lost the needed services of a local lending institution and must rely on alternative and expensive means by which to do their financial errands. For this woman, there is the additional danger of carrying cash home in a pocketbook and being mugged on the way. Three months earlier, the woman's banking privileges had been frozen by three overdraft checks happening in six weeks time. Unexpected medical issues had caused her to try and kite the co pays, but in each case, they got to the lending institution before her paycheck was deposited.
That's one of the no-no's that ChexSystems and Telecheck report to 80% of all banks in the United States when they occur. Immediately, these thousands of banks then stop any opportunity this woman has of finding another lending institution that will allow her to do business with it. When individuals kite checks, have overdrafts, give false information to the lending institution, and abuse ATM cards, the report goes to these two reporting agencies, effectively ending someone's chance at using another bank. Yes, there are still twenty percent of banks that do not use this reporting system and thereby would take the woman as a customer. But these banks do not advertise their non cooperation, and thus become very hard to locate. And should one bank in the area allow her its services, the location may be clear across a metropolis so she needs a second chance bank account.
For those who have never been denied banking services, imagine the hassle and perhaps even danger that could be faced; carrying around a lot of cash, having to hide savings inside that stuffed Santa in the attic, standing in line having to get money orders and pulling out that wad of money in front of leering eyes. Most of us take this all for granted but eight million people right now have had the opportunity of a second chance bank account. Many others probably don't know they exist. Maybe finding such a 2nd chance bank is difficult but getting God's attention isn't. "Then shall ye call upon me and ye shall go and pray unto me and I will hearken unto you and ye shall seek me and find me, when ye shall search for me with all your heart." (Jeremiah 29: 12, 13)
Incidents that happen at banks and reported to these two agencies are kept in the offender's record for five years. This makes life very difficult for those who are trying to get their reputations back. But these agencies aren't as difficult to work with as the large credit reporting agencies that administer credit reports. Telecheck and ChexSystems do work with customers who want to get their accounts cleared. If the offended bank, the reporting agency and the customer can get together on repayments and restitution if needed, life can get back to normal with a second chance bank account. And if that is not possible, for a nominal fee, these agencies will share a list of all the banks in the US not using their services and could thereby offer a second chance bank account.
When a brick and mortar bank within a convenient distance cannot be found, the best alternative is an online bank that will provide a second chance bank account. With no physical buildings to be maintained and a much smaller staff to employ, online lending institutions can offer most or all of the same amenities that the ivy covered ones do. With lower overheads, these banks can offer 2nd chance bank accounts to any who need them. The reason for this welcome mat is the lack of association with the two reporting agencies. As far as the online banks go, there is no such thing as Telecheck or the other guy either. Thus a customer can have a seamless foray into the on line's services.
For the woman at the beginning of the article, she found in her new online second chance bank account the joy of having direct deposit again, with no fear of carrying cash around. The woman had never had an ATM card, and found a debit card to be a real convenient way of paying for items without carrying cash, but the real joy of the woman's new experience was online banking. With the money she was saving from check cashing and money orders she was able to purchase a computer and found out how convenient it was to do all of the banking online, including all bill paying. The fear of an overdraft was gone because the lady was not allowed to pay bills when the money was not in the account, and the convenience of having the ability to slip money into her savings account with a few mouse clicks actually encourage the woman to start saving on a regular basis. Of course the young mom would miss the long lines at the drive up on pay day and the chance to hit those honking big posts that guard the vacuum chute, but sleeping in on Saturday and paying bills on her bed with her second chance bank account made up for it.
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