Having access to a checking account is essential in order to maintain daily life; these accounts are used to pay bills, purchase everyday needs and in many cases for paycheck automatic deposits. Nothing would be more humiliating than going into your local bank to open up a checking account than being told your request is denied. There are numerous things that can happen during the course of life that can impact your ability to have a checking account.
In order to ensure that you do not become a victim of a denied checking account pay careful attention to your financial standing and handling of monetary obligations. Having a past account that went into the negative and never got paid will be reported to systems such as Chexsystems and Telecheck. These systems alert banks to potential loss due to past unpaid accounts based on your name, social security number and/or drivers license number. So be sure to repay any overdrafts or negative balances to avoid getting reported. Being on one or both of these systems is the single most common reason for denial.
Sometimes just having a history or continuous negative balances, writing checks that send your account into overdraft status, or writing checks on a closed account can earn you a negative status and result in a denied checking account with any bank. These habits are not only damaging to your banking credit but are also very expensive as fees get assessed every time this happens.
There are some banks that offer second chance checking accounts provided that you meet certain criteria. The banks that have these accounts do not run any types of credit checks, usually require a specific amount to be maintained in the account, charge a monthly fee, and a valid government issued photo ID. After specific periods of time have passed, the bank will review your account for possible upgrade to a regular account.
BE smart, manage your financial obligations accordingly and you will not have to face a denied checking account. To restore your credit get yourself a good debt settlement attorney and start paying off overdue bills and creditors as soon as possible.
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