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Old 04-06-2015
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Default Getting A New Checking Account With Bad Credit

I'm gonna have to get a new checking account but I have bad credit. It will actually be my wife getting the new account because I'm a stay at home dad.
We bank with Bank Of America, but was wondering if any other banks will give her one? Rather not use BOA if possible. Any help would be great!

-Keith
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Default Re: Getting A New Checking Account With Bad Credit

Open a second chance account at whichever banks offer. Quick google search. Also TD Bank doesnt Care about any credit or previous strikes.
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Old 04-06-2015
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Default Re: Getting A New Checking Account With Bad Credit

Are you in ChexSystems? (basically if you owe a bank money then they report you to Chex)

You shouldn't be denied for opening a bank account just due to your credit score. Whether or not you're in Chex is more important.

If you are in Chex then yeah you'll need to open an account at a bank that doesn't check Chexsystems.
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Default Re: Getting A New Checking Account With Bad Credit

TD Bank doesnt care about chex system
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Old 04-06-2015
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Default Re: Getting A New Checking Account With Bad Credit

What about Chase? Just learning so it's my own info.

Up here TD does block you if credit is bad but...different banking systems, true. TD Bank in USA is looser
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Default Re: Getting A New Checking Account With Bad Credit

In the US. they don't use chex systems *

or just open a business account by requesting an EIN from IRS.

They don't use your SSN for credit purposes when opening a business acct.
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Old 04-07-2015
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Default Re: Getting A New Checking Account With Bad Credit

Chase
PNC Virtual Wallet (3 account numbers in one account)

2 of my favs!
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Old 04-07-2015
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Default Re: Getting A New Checking Account With Bad Credit

Chase really is great. Never gives me a problem and really good customer service.

I like TD here in the U.S. also. I find them easy to deal with.

I've been using Wells Fargo but have read they have given some people a hard time. So far so good for me, so we will see.
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Default Re: Getting A New Checking Account With Bad Credit

Only if you owe another bank money on Chexsystems will they give you problems like above posters have stated, bad credit in my experience has not mattered with opening checking accounts. I know wells fargo does have second chance accounts and sometimes local banks do as well or just don't even bother with chexsystems. This is especially true with banks with maybe 1 or 2 branches like here where i live in the middle of Kansas. These banks just don't have the resources like the national banks do. Off topic but somewhat relevant be sure to never file bankruptcy any money you owe a bank, because chexsystems lasts 7 years from when it is reported and the bank cannot accept the outstanding balance on the debt once its filed on bankruptcy. Do not do this, you will be on it for the full 7 years, I know personally.
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Default Re: Getting A New Checking Account With Bad Credit

Try a stored value card, like Akimbo or Accountnow, there are dozens of them.

They operate just like a checking account, just pick one with low fees, they can be as little as $5 a month, though some of the branded ones are crazy high and should be avoided.
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Default Re: Getting A New Checking Account With Bad Credit

Quote:
Originally Posted by dallis View Post
Try a stored value card, like Akimbo or Accountnow, there are dozens of them.

They operate just like a checking account, just pick one with low fees, they can be as little as $5 a month, though some of the branded ones are crazy high and should be avoided.


Good with mismatched names? Must be opened in real name obviously ?
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Old 04-07-2015
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Default Re: Getting A New Checking Account With Bad Credit

Quote:
Originally Posted by dallis View Post
Try a stored value card, like Akimbo or Accountnow, there are dozens of them.

They operate just like a checking account, just pick one with low fees, they can be as little as $5 a month, though some of the branded ones are crazy high and should be avoided.
Most of those are extremely sketchy and about 99% of them don't work and should be avoided.
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Old 04-08-2015
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Default Re: Getting A New Checking Account With Bad Credit

Requires your real name and SSN, yes. They're a checking account in all but name.

And certainly SOME of them are predatory, but certainly not 99%, like everything else use care.

American Express and Western Union provide them, and you know how sketchy they are.

There's a very large 'unbanked' community in the US, about 15% of people can't open a checking account, which is hard to imagine for most of us, stored value card services cater to those folks.

I'd avoid anything attached to Green Dot or Moneygram, those services ARE notoriously evil.
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Default Re: Getting A New Checking Account With Bad Credit

Thanks for all the advice. Still one question I have though with regard to cashing out Paypal funds into whatever checking account I go with. Does Chase and TD Bank have atms that don't cost anything to draw out money? I'm currently with Bank Of America and it's no fee to withdraw at ATMs.
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Default Re: Getting A New Checking Account With Bad Credit

I just checked both Chase and TD and the closest branch of either is far from me. I'm near Charlotte, NC. Closest Chase to me is in West VA and closest TD is near Asheville, NC. So how would I cash out Paypal funds aside from paying fees at a Non-Chase/Non TD ATM?
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Old 04-08-2015
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Default Re: Getting A New Checking Account With Bad Credit

Check what is available to you.. I get student discounts at my banks but a lot of banks will charge many fees. I know PNC and Chase charge a bit too.

Honestly, Huntington's are nice in my opinion. I haven't had issues with the few mismatched names BUT I do not want to guarantee it (don't use it often). They have no fees, do 24-48h grace (you can go $500 negative without a fee), etc.

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Old 04-10-2015
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Default Re: Getting A New Checking Account With Bad Credit

I am going to be brutally honest with you...

You need to get your house in in order before trying to set up some phony, bogus, stealth stuff.

If you haven't figured out how to manage your money, pay your bills, and fulfill your obligations, then you will just spend a lot of time and money setting up accounts just to have them shut down on you....and probably at just the worst possible time.

Go to a banker with hat in hand and get him to help you get on the right track. Don't drag your wife's credit down too, then your entire family is screwed.

Yes, I have walked a mile in your shoes. I had $1.86 to my name at the low point. 26 years later I am what my banker says is the top 3% of Americans my age. So...it can be done.
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Old 04-23-2015
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Default Re: Getting A New Checking Account With Bad Credit

Just an FYI, anything you owe to ChexSystems goes off there records after 5 years so if its been 5 years since you owed any money to a bank there won't be a record of it now and you can open up a checking account yourself. I learned that recently
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