Bad Credit Checking Accounts

You could be having trouble getting a checking account because of your bad credit

. A bad credit checking account is going to be for the people who have a bad credit history. That bad credit history can either be with Chex Systems, or it could be through the traditional credit reporting industries. Each bank will have a different method or policy when checking a person's background when going through checking account applications. Some will check the Chexsystems List, and other banks will check a persons credit report.

If you have a bad record for both of those, then you are going to have a better time getting a bad credit checking account. Anyone in any type of situation is able to get a checking account. The one difference that some people will have with their checking account is whether or not the Bank is located close to them, and whether or not they are going to have to pay a monthly fee for their bad credit bank account.

Now, the ideal situation is that you are able to get a checking account that is free. That is the first thing that you should be trying to get. Avoid the sneaky programs where they offer you overdraft protection. Do not think that it is okay to get an overdraft every now and then, because it is not good. Most likely, overdraft or NSF fees are what got you in the current situation, and you want to work on avoiding them in the future. Doing so will also help keep more money in your pocket instead of paying the banks those insane fees they charge. If you cannot get a free bad credit checking account, then you might have to resort to a checking account with a monthly fee.

Make sure you spend enough time trying to find a free bank account near you first before you decide to pay for an account. There are tons of banks that you can apply for online. Some might waive the fee if you set up a direct deposit plan with the bank. You should also be able to find a bad credit checking account that will have all of the regular perks of a normal checking account.

Some banks will have small limitations like not being able to use your debit card for credit transactions. That means that any purchase you make with your check card will have to be with you using your pin number. Any transaction that you make without using your pin is a credit transaction. So that alone will limit the number of places where you will able to use your card to make purchases or pay bills. So make sure the account you are applying for is going to let you make credit transactions with your check card.

Also, some banks might want you to set up a savings account and link it with your checking account. Now, this is usually to get you to set up some kind of overdraft protection. If you are not going to receive an interest rate for the money sitting in your checking account and you want interest, then maybe you would want to get a savings with your checking account. It is all going to depend on what you want. Just because you had some troubles in the past by getting a bad credit checking account, it does not mean that it is impossible. It is very possible to get a new checking account.

by: Courtney Dessert

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