For people who have been blacklisted by the backing world, there are checking accounts for people with bad credit that are available as a second option. Before you get one of these accounts though, realize that they should only be used as a last resort (and temporary) option.
If you do a search for bad credit banking, you will no doubt see many sites offering you free checking accounts for bad credit. Don't believe it folks - there is nothing free about bad credit checking accounts. You may be lured into signing up for a "free" account, but you are going to pay more somewhere down the line. The same thing applies to bad credit loans - yes, some companies will offer you a loan if your credit is terrible, but the interest rate you get on the loan will be skyscraper high. The same principal applies to no credit check checking accounts - you might not have to pay to sign up for one of these accounts, but you are going to pay for it.
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Does that mean these poor credit bank accounts are bad or a rip off? Not at all, but before you sign up for one of them, you need to read the small print. The bottom line is that if you can't open a bank account with any bank because your credit problems, then you have no other chance but to open a bad credit checking account.
Now, there are a few things you can do to ensure you get the best deal on one of these accounts. You should do some comparison shopping to make sure you get the best banking fees. A little shopping around can save you a lot of money. Also look at using the bank account for only a year - after that, you can use the account to help open a new bank account with a regular bank. Banks want to see you are able to maintain an account in good standing and if you have a second chance checking account for a year, that meets their pre-qualifications for an account.
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