subject: Open A New Bank Account Online [print this page] It is estimated that there are nearly 5 million people in the U.S. that for various reasons are unable to be approved for a checking account at a bank.
This creates difficulties with the most basic services like getting their paychecks cashed or obtaining direct deposit. It also has resulted in a very huge check cashing industry which charges expensive fees to cash payroll checks each and every payday.
If you are one of those estimated 5 million in America, then you should know that there are options available to you.
You can sign up for online services that will resolve your situation by giving you: 1) Direct deposit of your paycheck. 2) Eliminate using expensive check cashing services on payday. 3) ATM Debit Card with a Visa or MasterCard logo. 4) An online bill pay service. 5) A service which will allow you to rebuild your credit... and more.
You can easily get all of this WITHOUT having to use the traditional banks at all!
They are called prefunded accounts. Also called personal money accounts, or debit account.
Personal finance is very different today than it was when most of us grew up, or even just a few years ago. It is simply no longer necessary to write paper checks... waiting for them to clear... balancing your checkbook... sending checks through the mail... waiting days for the payment to be credited... remembering the outstanding checks that you wrote which haven't cleared yet... etc. etc. In fact most business now prefers that you do not use paper checks.
There is no longer a need for hoping that some bank will approve you for these old fashion and outdated checking accounts.
The most popular of these bank alternative solutions is a prefunded service called AccountNow
This service will give you an ATM card with either a Visa or MasterCard logo. They can be used any where credit cards or debit cards are accepted.
Your funds are actually held in a real bank that is government FDIC secured. But the account is not classified as a standard checking account. Because of this there are no credit checks. There also no chexsystems checks and no telechecks. Everyone is approved.
You simply have to put money in the account. Then you start using the card. You will be provided a routing and account number. You can then immediately sign up for direct deposit of your payroll check and fund the account this way.
There are no hidden security fees. You also get free online bill pay for up to seven transactions a month. The service includes a Credit Builder system that lets you build your score with bill pay transactions
This service will benefit you. It will give you a second chance. If you are having a problem opening up a bank account due to bad credit or any other reason... a prefunded service will resolved this problem for you.
