A study by the FDIC indicates that about 4.6% of all households in Ohio are “unbanked”, meaning no one within the household has a checking or savings account. That’s more than 200,000 households in the state alone!
There are many different reasons why people live without a bank account. 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 Ohio, 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 the institution 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 ChexSystems’ database. Many banks and credit unions offer second chance bank accounts that are designed for those that have a bad 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 Ohio that want your business!