A survey by the FDIC shows that nearly 110,000 households in Kentucky are “unbanked”, meaning no person in the household has a checking or savings account. There are a lot of reasons why a person may not have a bank account. A lot of people don’t have enough money to meet the minimum balance requirements, while others have a hard time getting an account due to a bad credit score.
If you’ve had a hard time opening a checking account due to past banking mistakes, you may have been reported to a consumer reporting agency called ChexSystems. ChexSystems is used by the majority of banks in the U.S. and will blacklist anyone that demonstrates questionable behavior. Even though this agency is supposed to protect banks from people who commit fraud and identity theft, a lot of people get caught in the crossfire and are flagged simply for making common banking mistakes.
Whether you’ve had one too many overdraft fees or had your account closed involuntarily, odds are you’re in the ChexSystems database and will have a hard time opening an account at other institutions. Our job here at CheckingExpert.com is to help you find a bank or credit union that will assist you in opening the checking account that you deserve.
Many banks offer second chance checking accounts that specifically intended for those that have experienced past banking mistakes. Other banks we recommend do not use ChexSystems at all during the application process. No matter your situation, there are still plenty of banks and credit unions in Kentucky that want your business!
List of Second Chance Banks and Credit Unions in Kentucky 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 Kentucky? Has there been a change in any of the listings? Please let us know.