{"id":352306,"date":"2014-09-24T06:00:42","date_gmt":"2014-09-24T12:00:42","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=352306"},"modified":"2022-07-15T11:31:52","modified_gmt":"2022-07-15T17:31:52","slug":"help-i-cant-get-a-bank-account","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/finance\/help-i-cant-get-a-bank-account\/","title":{"rendered":"Help! I Can\u2019t Get a Bank Account!"},"content":{"rendered":"\n
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There are a number of reasons why modern consumers don\u2019t have bank accounts. Some people just don\u2019t like banks because they don\u2019t trust them, don\u2019t like the hassle of maintaining a checking account, or because of the steadily mounting fee schedules. Others are simply unable to get an account.<\/p>\n

15% of all people who try to establish a new checking account get turned down.\u00a0Turn-downs are strictly due to poor credit or because of past bank account mismanagement.\u00a0 Excessive overdrafts or having a bank account terminated while still owing money to a bank will definitely get you flagged in ChexSystems, the primary system that banks and credit unions use to assess a customer\u2019s worthiness to establish a checking account.\u00a0\u00a0\u00a0 About 80% of financial institutions use ChexSystems.\u00a0 Other banks use comparable programs – Early Warning Systems (EWS) or Telecheck.<\/p>\n

Being unbanked means you won\u2019t have a debit card, much less a commonly issued credit card like MasterCard or Visa. This can cramp your lifestyle more than you might imagine when you consider that 66% of all non-cash transactions in 2012 were conducted using either a debit card or a credit card<\/a>.<\/p>\n

Prepaid Cards<\/strong><\/span><\/h2>\n

One of the most popular options for people who can\u2019t get a bank account is a prepaid debit card<\/span> [Link here to my past article \u201cPrepaid Cards \u2013 Fair or Foul\u201d] – 7% of every noncash transaction in 2012. Prepaid cards have a number of advantages: \u00a0there are no interest charges, the use of ATMs, direct deposit for paychecks, and online bill-paying services.<\/p>\n

A prepaid debit card isn\u2019t without its drawbacks, of course. There is a myriad of fees associated with these cards: activation fees, monthly fees, overdraft fees (your monthly fee can put you in negative territory), transaction fees, cash withdrawal fees, reloading fees, balance inquiry fees, printed statement fees, customer service fees, even \u201cinactivity\u201d fees if you\u2019re not using the card enough.<\/p>\n

Not all banks will charge you all the fees mentioned above, though. Shop around for the best deal as you would with anything else you\u2019re purchasing. \u00a0Other fee savings tips:<\/p>\n

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