Bad Credit Checking Accounts

Many of us run into bad financial situations at one time or another

. Unfortunately, this can sometimes lead to difficulties keeping or opening a bank checking account. Writing an insufficient funds check or mismanaging an existing bank account will result in being listed with Telechek or ChexSystems, two check monitoring systems that report high-risk customers to merchants. Once you are on a monitoring alert list, it is nearly impossible to be approved for any standard checking or credit card account.

If you have encountered problems receiving approval for a bank checking account, you might want to look into bad credit checking accounts. Bad credit checking accounts are designed for consumers that are trying to re-establish their credit but are unable to secure a bank or credit card account due to past financial misfortunes.

Bad credit checking accounts do not require lengthy applications that ask about your financial history. As a matter of fact, most bad credit checking accounts guarantee your approval with just an identification verification. Many bad credit checking accounts offer debit cards and credit cards along with the bank account. Most financial establishments that offer bad credit checking accounts provide accounts for single users, joint accounts, and business accounts.

Each bad credit checking account offers different financial products, so research the ones you are interested in before making a final decision. Some of these accounts provide actual checks, while others provide a check card that is associated with a checking account number and routing number. As long as you have an account number and corresponding routing number, you will be able to complete most financial transactions, including ordering or paying bills online. Many bad credit checking accounts offer the benefit of direct deposit for paychecks and government checks, making your banking easier and ensuring that your money will be in your account when you need it.

Be sure you find out about any additional fees associated with your bad credit checking account. Some accounts do not charge anything for the application process, but others do. There may be an initial set up charge and fees for accounts that drop below a minimum limit. If you have a check card, ask about usage fees. You might be charged a small fee for every purchase or transaction, and sometimes the charge will be waived. You may also be required to keep a certain amount of money in your checking account. Credit cards associated with band checking accounts typically begin with small credit limits, such as $500. These amounts will be adjusted as the account owner demonstrates financial responsibility.

by: William Trustey

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