So, just what are second chance savings and checking accounts? Quite simply they are a secondary class of accounts that banks have set up to make more money off of high risk customers.
Face it.
If your credit is so bad that a bank won't just give you an account it's because they know that you probably aren't floating in money.
High Fees, No Perks and a Few Possible Inconveniences Is it fair? Not really but what are you going to do when all of the banks are now doing it? So what are the drawbacks for you? Quite basically, higher fees, virtually no free perks and some possible basic inconveniences.
Can You Wait Three Or Four Years? In time though, "about three or four years" banks will again begin to view you as being in good standing but in the mean time there are several reasons why you really should have a checking and or savings account.
Putting Your Best Foot Forward At Work To begin with, it looks good at your present place of employment or your "future" place of employment.
Employers like to see employees that use direct deposit for their paychecks.
It indicates that you aren't living from paycheck to paycheck and are responsible.
Anyone Who Is Anything Now Has a Bank Card For ATMs Next, anyone who is anything now has a bank card that they can use to pull money out of an ATM.
Oh! You don't have one? Well that may say a lot about you.
For instance it means that you don't have a checking or savings account! "Ghetto" Is Cool When Listening To Rap Music Only - Not For Business! Renting an apartment or doing a simple business transaction and you can't write a check or you have to go purchase a money order? Now thats getting off on the wrong foot and will be definitely viewed as being ghetto.