can you open a bank account with bad credit?

Answer 1

The answer is no in most instances but yes in rare instances.
One of the things people dont talk about is a bank system called Chex systems.

If you had a bank account before and let it close out with a negative balance, that is owing money, bouncing checks etc.. You will not be able to get a checking or savings account through most banks.

What the banks do is check with chex systems which is a reporting agency somewhat like trw or transunion except they report on outstanding bank balances that are owed banks.

The way you solve it are 2 ways.
1. You pay the owing balance and they report it as paid then you can open an account again.

or

2. You get a prepaid credit card with no credit check. You can find these cards near the cash register at most pharmacies such as RiteAid or CVS or any major pharmacy.

What these cards really are, even though they have the visa or master card logo on them, are Bank Accounts.

They do not check chex systems so you can have a bank account.

They charge a fee that is always smaller in most instances than what the person owes a bank.

ITs a real bank account and you can put money on the card except instead of writing checks you use the card.

problem solved :-)

Answer 2

you can open a bank account as long as you havent had a charged off checking acct before in the last 5 years that was reported to chex systems- some banks will still open an account for you if youi've had a chex systems record- If this is your first checking account you'll be fine. The only thing having bad credit will effect you on is if you want to get a credit card, or overdraft protection (which is a credit card or a loan etc).. but make sure you always balance your check book to avoid nsf fees- they can exceed 30 per transaction--

Answer 3

Having unfavorable credit ratings on my own may not be the biggest barrier to establishing a clean monetary company account. the biggest project is having a adverse ChexSystems record because maximum banks will do a ChexSystems verification previous to establishing a clean account and could deny each person with a adverse record on list. That being reported, there are some banks which will open a monetary company account to each person. Peoples monetary company and TAB are 2 good examples. regrettably, those banks do not have branches in the course of the rustic making them a marginally inconvenient determination. an exceptionally good option should you're unable to open a monetary company account is utilising a prepaid debit card.

Answer 4

Your credit isn't what's important for opening a bank account, it's whether or not you are in ChexSystems. This is a company that tracks people who have abused bank accounts. The bank will run your credit to determine what products they want to market to you and you will have to authorize that credit check. Have no fear - bad credit can be a good thing here. You won't get so much junk in the mail.

Answer 5

YES. A bank account is a place you put cash into a bank. As long as you have that money they will let you open an account. A bank loan is where the bank gives you money. You can not do that with bad credit.

Answer 6

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 7

Yes you can. You're credit has nothing to do with where you store your money.

Answer 8

Yes you can

Answer 9

yes you can...