Advantages of Using No-ChexSystems banks

Chexsystems is a service that provides banks and other financial institutions with consumer credit and account management reports. Banks will rely on information kept by the ChexSystems when you apply to open an account with them. If you have negative banking history the new bank may deny your request to open an account with them. For example, failing to pay a bank deposit fee. Second chance banks offer you the opportunity to avoid these struggles. Here are reasons you should opt to open an account with second chance banks.

Chexsystems usually report only on your negative rating and ignore the positive aspects. Therefore, if you have always been making your bank account fee payment on time and you delay one time. You should strive to avoid banks denying you services due to your past. Thus you will need to identify the second chance banks near. Thus, you will avoid the hassle of having to wait for days for the bank to verify your history to open an account for you.

Second chance banks allow you to overcome the challenge of having a bad banking history for a long time. Usually the ChexSystems will keep your history for five years, and it is not automatic they will remove you after the period. It is common to have troubles managing your bank account for the first year. The second year you are likely to become better and pay all your bank accounts fees on time. The challenge is that you will bear the negative banking history of the first year for five or more years. Such a record will make it hard for you to open a new account. Therefore, you should opt for second chance banks.

To keep your banking records private you should opt for banks that don’t use ChexSystems. Chexsystems have the rights to share your banking records with other third parties. Therefore, you risk your data being used to deny you various services. Banks that don’t use ChexSystems offer the chance to prevent this from happening. Thus, you banking records will be kept private.

Banks that don’t use ChexSystems allows you another chance to have an account. When opening your first account, you may not have understood the fees you had to pay. You just wanted to have an account to deposit funds. Later you realize that the banks have high fees that you struggle to pay making you have a negative banking history. Second chance banks offer you the opportunity to forget the past and have a new start.

Second chance banks are ideal for also students who are yet to have any banking history.