While some people might think you don’t really have any good reasons for needing a payday loan at just 20 years old, there are actually many legitimate reasons. Let’s say you have to drive to work and school every day, but one day your car breaks down. You take it to the shop only to find out the repairs will cost you $1200. Even though you’ve got some money saved up for such an occasion, you’re short $400 and don’t have enough room to put it on your credit card. A payday loan would make perfect sense in such a situation. Or, maybe you’ve got your phone bill and power bill due the same day, but you don’t get paid for another week. Rather than receiving what could be over $50 in late charges, you could take out a payday loan to take care of the bills. The amount of interest charged on the payday loan would most likely be less than the late fees and you wouldn’t run any risk of damaging your credit score. A payday loan can also be very useful if you need the money immediately, maybe you’re about to start school but haven’t purchased your books yet. You could a payday loan online in a matter of minutes, the money would be waiting for you in your account and you could get your books the same day. These are just some of the many situations you may find yourself in at 20 years old and a payday loan is the perfect solution to all of them. So if you’re young and wondering if you should get a payday loan, the answer probably depends on what you’ll be using it for and whether you can afford to pay it back, but there’s really no reason why you shouldn’t get one if you want one!

For those of you unfamiliar with chex systems here is a brief intro. Much like a credit rating you have a rating that goes hand in hand with your checking account and check writing ability. If you abuse this by writing back checks then you will get negative marks on your checking account. Over time if you accumulate a good number of them the bank will shut down your account. When your checking account has been shut down you are vital information is placed in chex systems and you will have a tough time getting a new bank account because of your history.

This is one of the biggest reasons that consumers do not have checking accounts today. Luckily for them there is are a new breed of checking accounts out there that look past those mistakes in the past and offer the consumer what is known in the industry as a second chance checking account.

Sound too good to be true? Well it’s not! There are a companies out there that offer second chance checking accounts to consumers regardless of their credit rating or chex systems status. There are limitations within these accounts such as no check writing privileges but you are still giving a checking account and your very own check card to use again.

Some of these companies claim they are second chance checking accounts but in fact are just prepaid debit cards that give you a routing number and account number but can’t be readily used as well as a checking account. After scouring the net over the years I have come across the one company that truly gives you a second chance checking account that is FDIC insured. They approve 100% of their clients that pass the Patriot Act and have valid information.  The process is easy to go through and at the end of the process you become one of the everyday banked customers that you see around you all the time.

I managed to talk to the company and get a few testimonials for their clients regarding their services and wanted to share them with you so you can get a sense of how easy it was to get a second chance checking account and start living a normal life again. Not worrying about getting a credit card because you now have your very own check card that you can use at a million different locations like you would any other credit card.

Jerry C. in Dallas, TX wrote:

“I had been contacting banks all over the place to see if i could get a checking account but no one would help me out. They said because of checks that I had written in the past they couldn’t extend a bank account to me and were sorry. I searched and searched online and one of them gave me all the options of a true checking account like this company. Getting a second chance checking account was the easiest process with them and I didn’t have to do much work. After about 5 minutes online I was approved and ready to go. I will not need another service after finding this one. Thank you!”

Mary N in Tulsa, OK wrote:

“There wasn’t any way this process could get any easier. I was able to get in and out of the site with a bank account. Within a couple days I recieved my check card and loaded my account and was one my way. I easily transfer money into my second chance bank account through a number of ways including direct deposit from my paycheck. It couldn’t get any easier that this.”

Jeramiah in Bakersfield, CA wrote:

“I had looked at a host of other options for my second chance checking account but the fees on them were crazy. I checked out this company and saw that the fees were much more reasonable then all the other second chance checking account out there so I took a chance and couldn’t be happier. You will definitely not regret getting this second chance checking account.

For people who are having a problem opening a traditional bank account because of bad credit or a poor banking history, Second chance bank account can be a great solution. It is easy to open a second chance bank account online, and it is even possible to open a bank account with these types of problems if you utilize a second chance bank account.

Second chance bank account are usually flexible and give account holders many great features as well as the security of FDIC insurance. You can open a second chance bank account online in a few easy steps. The reason that Second chance bank account are so appealing to people with credit, debt, or banking problems, is because you can open a bank account with bad credit. Most Second chance bank account allow you to open an account with no credit check and no account minimum. Credit checks and Chexsystem check can keep someone with bad credit or a tarnished banking history from opening a traditional bank account, but not a second chance bank account.

The only difference between a second chance bank account and a traditional bank account is that Second chance bank account do not offer Chexsystem checks. Account holders can usually use an ATM or debit card on their account and sometimes write a limited number of bank checks. Second chance bank account holders can do everything else traditional bank account holders can do such as pay bills, make deposits and withdrawals.

Opening a second chance bank account online is quick and easy. There are many companies that offer Second chance bank account and as long as a company does not use Chexsystems, people with a negative banking history can open an account. All it takes to open a second chance account is filling out an application. After the account is open, account holders can use it like any other account and can deposit and withdrawal money, pay bills, and access cash at ATM’s.

There are many companies that offer Second chance bank account and their policies and procedures will vary. Ultimately, the goal of a second chance bank account is to help individuals with a bad credit or banking history to re-establish a banking relationship and to reap the benefits and security of a bank account.

Who is ChexSystems and Why Do They Have My Information?

ChexSystems is a private company that is utilized by banks in much the same way that the credit bureaus are used by lenders. Almost every bank reports to the ChexSystems database on specific criteria regarding their customers in order to help protect themselves from customers that have a history of fraud or bad financial practices. The banks report items such as how many checks you have bounced, frequent over-drafted accounts, unpaid balances upon account closure, and other acts that they would consider as problematic.

Since banks and other financial institutions lose billions of dollars each year it’s no wonder that they are actively trying to maintain a database that will enable them to stave off potential problem customers directly upon application. However, also like the credit bureaus, ChexSystems has been found to have a great deal of misinformation on the files they keep, causing embarrassing or even damaging consequences to the individuals that seem to always find out about it the hard way.

Seeing as how most people don’t know that ChexSystems exists before a problem has crept up on them, they are often confused as to what they are able to do to resolve the matter. Most people that find out they have derogatory remarks on their ChexSystems file find out when they apply for a checking account at a new bank. Seeing as how commerce is nearly impossible these days without a legitimate checking account, if someone is denied that privilege it can mean more than just inconvenience – it can actually hurt their way of life.

Clearing your ChexSystems File

Fortunately, there are options for people that need the convenience and peace-of-mind that having a checking account will bring them. Most likely, they will want to have the detrimental remarks removed from the ChexSystems database. The likelihood that this will be accomplished easily is strongly dependant on the severity of the infractions that have been reported. For instance, someone that has had a few slipups resulting in overdrafts will have a much easier time getting their records cleansed than someone that passed multiple checks on an account that had been closed. However, the process of expunging a ChexSystems file can take longer than what many people are willing to wait – particularly if they are in need of a checking account immediately.

Get a No ChexSystem Bank Account

Luckily, there are still financial institutions such as banks and credit unions that do not check ChexSystems’ records for checking account approval or offer “second chance” checking accounts even if they do. These banks and credit unions are a breath of fresh air to people that are shocked to learn that they have been included in a database that they never knew existed for infractions that they either never committed or committed years before and have since matured in handling their finances. Because ChexSystems keeps records for up to five years, simply waiting on the records to drop off is simply not an option for most people.

Second chance checking accounts are – thankfully – becoming more abundant as time goes on. Many major (and smaller, as well) banks and credit unions have found that simply automatically denying everyone that has a negative ChexSystems file is actually counter-intuitive. While the banks are protecting themselves from habitual fraudsters, they are also turning away business from customers that have a few bad marks but have since learned from their mistakes. At the same time, there are a few opportunistic “fly-by-night” companies that are taking advantage of unsuspecting people that are trying to get a legitimate checking account in spite of their ChexSystems files. Many of these companies charge exorbitant and even predatory account maintenance and checking account fees.

While it is estimated that 80% of all banks and credit unions use ChexSystems, obtaining a no ChexSystem bank account is possible, but consumers must be prepared to know what to look for. Instead of driving from bank to bank searching for one that does not utilize ChexSystems, consumers should find a reliable, up-to-date list of all the local institutions that may give them a chance with a new account. Additionally, consumers should always be mindful of any fees associated with their new accounts to ensure that they are not becoming a victim of a predatory banking institution.