According to a study by the FDIC, 5.7% of households in Michigan are “unbanked”, meaning no one in the household has a checking or savings account. This may not seem like a large number, but it accounts for over 200,000 households in the state that don’t have any bank accounts at all.
There are plenty of reasons why people choose to live without a bank account. Many people don’t have enough money to meet the minimum balance requirements, while others distrust the big banks to keep their money safe. In addition, a growing amount of people are reported to a company called ChexSystems after dealing with banking hardships at a previous bank.
ChexSystems is designed to be a safety net to protect banks from people who use a bank account to commit fraud or identity theft. The problem is that ChexSystems ends up blacklisting everyday people for lesser offenses like unpaid debts, too many overdraft fees, or involuntary account closures. People make mistakes, so why wouldn’t you deserve a second chance?
Our job here at CheckingExpert.com is to give you options. Despite ChexSystems being used in the majority of banks across the country, there are still banks out there that want your business! Many institutions offer second chance checking accounts, which are designed for those who have had difficulties in the past. Others don’t use ChexSystems at all during the application process. In fact, some may not even look at your credit score to determine your eligibility!
Here are our top picks that we’ve researched that are sure to give you the checking account that you deserve.