Finance Wanted.

By David N Kamau

Second chance bank accounts are made for individuals who are unable to get a traditional savings or checking account. It's one of the best solutions when your name has been added to Chex Systems or Telecheck. It offers individuals a brand new start and new responsibility. Just like cleaning up a bad credit report, you must take care of your banking issues also.

Having a bank account provides us a safe and convenient means to save money and earn interest on our savings and checking accounts. Individuals whose names have been added to Chex Systems and/or TeleCheck indicate problems maintaining their financial responsibilities and by having their names added, other banks will not let them open an account.

Chex Systems and Telecheck are somewhat like the credit bureaus of the financial banking industry. Get your name on their lists and the majority of banks will turn you away and your current bank may even close your account if they get wind of your financial problems.

There really are very few guidelines to opening a second chance bank account. A very low minimum amount is required to open this type of account, which follows the same rules of the mainstream banking industry. And one of the fortes of a second chance bank account is that no credit check is required. Individuals with bad credit and/or bad banking history are approved. No Chex Systems inquiries are offered at the time of opening second-chance bank accounts.

The procedures to open one of these accounts are simple. Complete an application form with a copy of your ID and a small minimum deposit. Once the account is opened, the account holder is free to make transactions as they would with traditional accounts.

A number of companies have begun to offer second-chance bank accounts. There are several programs designed to provide assistance in re-establishing a banking relationship. Some banks will allow you to open a regular savings account for a specified time to show responsibility.

While there are banks that do not use Chex Systems or Telecheck, you must research to see which of those banks do not have that relationship. In any case, when you do get yourself on the right track, you must use good financial sense to prosper or you'll find yourself right back where you started.

Discover credit secrets creditors and bureaus don't want you to know plus tips for quick credit repair. David Kamau offers free self help credit repair tips at his site and blog.