Friday, March 18, 2011

You Can Qualify for a Checking Account

Cheque sample for a fictional bank in Canada. ...Image via Wikipedia     Are you on a fixed income and find it impossible to handle the fees associated with a checking account.  God forbid you ever accidently bounce a check and then try to recoup your loses.  In reality, you know that if you could actual afford one life would be so much easier.  In some states you can qualify for a checking account if your income is low.  In all states, there is a banking product call second chance banking for those that have a severe blow to their credit.  Life can be unkind to us sometimes and everyone deserves a second chance.  Many people with great credit have been displaced from their jobs, and well you can get behind.  There is no reason this setback should haunt you forever.  It doesn't seem fair that those that are struggling always get charged more fees than those that can afford to pay them.  Let's look at some of the way that you can qualify for a checking account again.
     A Lifeline Checking Account
     Sometimes all you need is just a little help to get back on the right track.  A Lifeline Checking account can help you get there.  They account are great for when funds are tight.  Lifeline Checking accounts often time require a no to low monthly balance and a no to low maintenance fee.  If there is a monthly service fee, then usually the rates are around $3.00 per month.  ATM fees are usually waived with this type of an account.  This ability to open up a Lifeline Checking account is the law in seven states, and the law determines the terms and conditions of these accounts, not the bank.  You have access to these accounts in Illinois, Massachusetts, Minnesota, New Jersey, New York, Rhode Island, and Vermont.  If you don't live in one of these states try to find a bank with free checking.

     A Second Chance Checking Account

     A Second Chance Checking account is basically a second chance at acquiring a checking account for those burdened with a bad banking history.  These banks don't usually run your name through the chexsystem to find out your banking history.  Usually the fees associated with this type of account run around $10.00 a month.  You can get a debit card with your account.  Some will offer checks, but most will not.  This will keep you from writing ones with insufficient funds.  Many times people get a bad banking history due to trying to pay bills and then they try to get the funds into the account before the check hits.  Even though recent federal regulations have put a halt to enormous overdraft fees, you will still incur a charge for insufficient funds.  Not have checks will prevent you from making this mistake.  Here is a free list of banking institutions from every state that offers second chance banking.
Once you establish a good banking history, then you can go back and seek traditional banking products and services.

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