A study by the FDIC shows that nearly 7.1 million households in the U.S. are “unbanked”, meaning that no one in the household has a checking or savings account. Out of all Minnesota households, 2.8% are completely unbanked, accounting for over 60,000 households in the state alone!
If you have a negative history with banking, it can be tough to find a bank or credit union that will give you a second chance. Especially if you’ve been reported to ChexSystems, a consumer reporting agency that is used by most banking institutions to determine if an applicant is a good or bad risk for a new account.
Thankfully, there are plenty of second chance banks in Minnesota that do not use ChexSystems and are willing to work with you. Second chance bank accounts are designed to help you get back into banking after a financial mishap. They can also help you rebuild your credit score so that you can qualify for better interest rates in the future.
Our purpose here at CheckingExpert.com is to help you find a bank that doesn’t use ChexSystems and share our knowledge of the banks and credit unions in Minnesota that are more likely to approve your application, regardless of your past with ChexSystems. Don’t let a bad banking history hold you back from getting the checking account you deserve!