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by Laura Stenson
When it rains it pours. When one area of our finances suffers, it often takes the rest of our financial well being with it. Credit card debt leads to trouble in all areas including our home, autos, and even our checking account.
Often when you are in financial trouble, your checking account suffers. Without enough money to cover expenses, overdraft fees and bounced checks pile up leaving us unable to pay fees and get in to positive territory.
Most of us understand that when we don’t pay our bills on time, it may be reported to one or all of the three major reporting bureaus, but do banks do the same thing? An estimated 80% of banks report to ChexSystems. Similar to the bureaus, if you have a negative report on file, it is almost impossible to be approved for a new account.
You have the legal right to view your ChexSystems report for free if you are turned down for a checking account based on your report. You can go to and request a copy of your report.
What about this bad credit checking account that you may have read about or seen advertised? Many experts advise avoiding companies offering these types of accounts because of the high fees associated with them.
Are there other ways to gain approval for a checking account if you have a negative ChexSystems report?
Yes there are. First, go to the bank of your choice and make an appointment with the branch manager or new accounts manager. Inform them that youve had some credit problems in the past and ask them for options.
Tell them that you’ve had some problems in the past and ask them for options. For those who had some short term problems but have began to rebuild, often banks will be more receptive to your request if you offer to open a $1,000 Certificate of Deposit for a year.
If, within that year, you have no problems, your problems may be solved. Dont forget about credit unions. You probably live in a city where you are able to become a member of a credit union.
They will often give you a chance to prove yourself especially if you take a class that helps you practice better financial habits. Keep in mind that there will probably be a small fee associated with this class.
If these options dont work and you need to look for a bad credit checking account, make sure you weigh all of your options. There are many different companies offering accounts with many a wide range of fees.

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