A study by the FDIC indicates that about 6.6% of all households in Illinois are “unbanked”, meaning no one within the household has a checking or savings account. That’s more than 300,000 households in the state alone!
There are many different reasons why people don’t have bank accounts. A lot of people cannot afford to meet the minimum balance requirements, have a bad credit score, or have difficulties opening an account due to their negative banking history. If you’ve been blacklisted from opening an account at the major banks in Illinois, you may have been flagged by a consumer reporting agency called ChexSystems.
Believe it or not, ChexSystems is used by over 80% of banks in the country. If you’ve banked with an institution in the past and have experienced involuntary account closures, unpaid debts, or a number of other common banking mishaps, there’s a good chance that your previous bank flagged that activity and reported it to ChexSystems, making it next to impossible to open an account elsewhere.
Luckily, there are still options out there for anyone who has been reported to ChexSystems or has a bad credit score! Here at CheckingExpert.com, we compile the best options out there for those that are in the ChexSystems database. Many banks and credit unions offer second chance bank accounts that are designed for those that have a checkered banking history. Other options don’t use ChexSystems at all during the application process.
Here are all the banks and credit unions we have researched in Illinois that want your business!
List of Second Chance Banks and Credit Unions in Illinois for October 2022Open an account today!
Did we leave your financial institution off this list of The Best Second Chance Banks and Credit Unions in Illinois? Has there been a change in any of the listings? Please let us know.