banking - Second Chance Checking Accounts

You never realize just how much you depend on a checking account to keep your life simple until you no longer have one. Unfortunately for some, this is a life lesson they get a crash course in. Writing bad checks or repeatedly overdrawing your bank account, can quickly get you blacklisted on ChexSystems. Once this happens, banks are very unlikely to let you open up a bank account with them until problems with your previous bank account have been cleared up. And even then, some banks still won't open an account for you. So how are you supposed to go about fixing your credit if banks aren't willing to help you out? There is a small portion of the banking industry that recognizes the need to help individuals who are looking to correct past mistakes. If you've been blacklisted on ChexSystems it is still not impossible to get a checking account. These types of checking accounts are known as second chance checking accounts. Most mainstream, nationally recognized lenders don't offer them, and since these types of accounts represent such a small niche of the banking industry, you're going to have look high and low where you live to see what banks do. Most banks who offer second chance checking accounts are relatively small and local, and may in fact, be the only branch for miles around. The lack of branches may be inconvenient, but it is a small price to pay for getting your credit back in order. Second chance checking accounts generally offer many of the same features as a regular checking account, but with a few added safety measures in place designed to protect the bank, as well as help you rebuild your credit and get it back on track. Safety measures: Accounts are usually checkless meaning you do not get access to check-writing privileges. There is no possibility of overdrafting your account because your spending limit is set to the balance of your account. Aside from these safeguards, most second chance checking accounts provide you with an ATM card, online banking, online bill pay, and online monthly statements. The criteria for being eligible to open a second chance checking account is that you must have cleared up any problems with the previous bank who had your name added to ChexSystems, meaning that you must have paid back any money you owe. Most second chance checking accounts also usually require a minimum deposit upon being opened, which is also required to be in the checking account at all times, as well as a monthly charge, which can range from $10 to $25, depending on the bank. Being blacklisted on ChexSystems doesn't mean you will be forced to cash your checks and carry cash around for the next five years. Don't do this. It won't help fix your situation. Instead, take charge and find a bank who offers second chance checking accounts. Follow their rules closely and within a year or two your credit will have improved and you will more than likely be given a regular checking account again. Steve Baik is a contributing editor for multiple websites related to the credit and financial industry. You can see his work at: CreditServicer.com - ChexSystems Help & Bad Credit Resources. ApexCreditCards.com - Credit Card Offers & Reviews. Article Source:http://EzineArticles.com/?expert=Steve_Baik banking - Buying Your First Home And The Truth About Interest Rates Buying your first home can be a challenging thing. There many things that goes into buying a house that the first time home buyer may not know about. One thing that goes into buying a home is a down payment. A down payment is money you put up front to buy the house. The more money you put up front the less you will have to pay back to the bank. Another thing that a first time home buyer may not know about is a mortgage. A mortgage is a loan giving to you by a bank to buy real estate. This loan is back by the house so if you miss any payments the bank will take the house way from you. Another thing when it comes to mortgages is interest rates. The higher your credit scores the lower the interest rates. The reason for interest rants is because the banking system is dishonest. Most nations of the world have a central bank. The central bank is a private corporation owned by a few, that prints or issue money out of thin air and loans that money to a nation. This brings down the standard of living in that nation because most of the taxes go to paying the interest on the loans to the central banks. The money that these central banks create is not back by anything like silver or gold. If there were no interest rates charged to you or the nation, the money will become worthless too fast and the central banks will lose the power they have over you and over your nation. The less interest rate you pay the lower your monthly payment will be. If you do get a mortgage make sure it's a fix rate. This means the payments remains the same amount from month to month throughout the life of the loan. Buying your first home can be a stressful time, but if you use some of the information here it will be a bit easier.