There are many reasons why people don’t have bank accounts. According to the FDIC, 4% of all households in Idaho don’t have anyone in the home that has a checking or savings account. That’s more than 26,000 households in the state alone!
Many people distrust large banking corporations, while others may have had a bad banking history that’s gotten them blacklisted from the majority of financial institutions out there. If you’ve had difficulties in the past with bank account mismanagement, unpaid debts, or even suspected fraud, you may have been reported to a company called ChexSystems.
ChexSystems is a consumer reporting agency that keeps a database with consumers’ banking history. If you’re flagged by ChexSystems, opening a checking account can prove to be quite difficult since the majority of banks in the country use this system during the application process.
Fortunately, there are still a lot of great banks and credit unions out there that want your business! Many institutions offer second chance bank accounts, which are designed for anyone who has a checkered banking history and is trying to get back into banking. Others do not use ChexSystems at all during the application process and will open an account for you based on other criteria.
Our job at CheckingExpert.com is to help you find a bank or credit union that will allow you to get the checking account you deserve.