There are a lot of reasons why people don’t have bank accounts. One is a general distrust of big banks and the financial service industry. Another reason is that some people experience financial hardships and end up getting blacklisted by a company called ChexSystems.
Believe it or not, that blacklisting can last for up to 7 years!
For many New Jerseyans, it’s a significant challenge. The FDIC conducted a survey that found that 4%, or nearly 128,000 households, in New Jersey are “unbanked”, meaning no one in the household has a checking or savings account. Without bank accounts, it becomes much harder to pay bills online, track your spending, and receive direct deposit paychecks from your employer.
The good news is that while most banks and credit unions use ChexSystems or check your credit when you apply for an account, there are a growing number of banks and credit unions that do not. These banks want your business! Our job at CheckingExpert.com is to find those institutions in New Jersey that can assist you.
List of Second Chance Banks and Credit Unions in New Jersey 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 New Jersey? Has there been a change in any of the listings? Please let us know.