Hi! Thanks for writing. I'm sorry that you're having trouble opening an account, but maybe these ideas will help. Banks check your financial history through a system called ChexSystems. If you have poor or damaged credit, the bank can legally refuse to let you open an account. It seems extremely unfair to me, but it happens. They can run a bank history report or an actual credit report (which doesn’t count as a “hit” against your credit score). If you have had trouble with checking and savings accounts in the past, a bank could refuse you as a client. If you want to view your ChexSystems report or dispute your record, you can do that at the ChexSystems website (https://www.chexsystems.com). If you owe a bank money or have a bad banking history, it will be reflected there.
If you can’t open a bank account, here are some ways you might be able to fix the problem:
· Go into the bank branch and talk with a banker there. The personal approach may work. Offer to bring in a paystub or a reference from your boss to convince the bank you are a good risk.
· Try other banks in town besides the one that just turned you down, talking to a banker at each one if you have problems.
· Try on online bank like Etrade, Ally, or Synchrony.
· You could also try a credit union. Credit unions are often more lenient and more likely to offer second chances. You may have access to and eligibility in a local credit union or in a national one like Navy Federal Credit Union if you were in the military.
· Work to build your credit history back up. That will take a little time, but you can do it.
Finally, try not to berate yourself – it’s a complicated, busy financial world, and we ALL make mistakes. With patience and diligence, you can fix the problem, get a checking account, and improve your credit. I hope this helps and that you are able to open an account. Best wishes to you.
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