Millions of Americans from single parents, women and minorities to divorcees are trying to start over with their lives. They all need a new personal checking account for their personal financial or business related needs. These needs are addressed by some banks through second chance checking accounts.
Second chance checking accounts are bank accounts for customers, who had a negative financial history and are listed in ChexSystems. ChexSystems is a national database of consumer checking history. This is utilized by financial institutions for financial education, monitoring and decreasing exposure to risk. Once a persons name is placed in the ChexSystems database, it stays there for 5 years. The system is flawed and its difficult to get off the list.
Improving the quality of life is the main objective of second chance checking accounts. Derogatory reports made blacklisted customers unable to manage their personal and business matters using mainstream banks. There is an expectation that customers issued by second chance checking account will eventually transition into mainstream banking.
Most second chance checking accounts have restrictions imposed on...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
