Applying for a Bank Account with Bad Credit in Alabama
Bad Credit Banks with a No Credit Check Checking Account in Alabama
When you apply for a new bank account, some banks will also check your complete credit report and score. The credit check itself typically isn’t the reason you were denied a checking account. Banks tend to deny you a bank account, not because you have unpaid credit cards or a bad credit score, but because you bounced checks in the past or still have a negative balance with a previous checking account. No Chexsystems Banks in Alabama
Alternatively, you can open a new bank account online with national banks that do not check ChexSystems, with no credit check & low to no opening deposit immediately required:
- CIT Bank – CIT Bank’s Premier High Yield Savings Account allows you to build your savings at one of the highest interest rates available in the industry. Enjoy ultimate online banking convenience by managing your account from your smartphone or computer. This account does have balance tiers to determine the APY you earn, with the lower balance tier earns at a higher APY, while the upper balance tier still earns well above the national average. CIT Bank compounds interest daily to further maximize your earnings. Plus, there are no account opening or maintenance fees to worry about. Your money gets to grow without being disturbed by pesky fees. A $100 opening deposit is required to open an account.
- BBVA Compass Bank – Open an online checking account with the new ClearConnect checking account. The BBVA Compass ClearConnect Checking Account is a free checking account and offers customers the chance to open an online checking account for only $25. Enjoy no monthly service charges, free online and mobile banking, bill pay and online statements. The ClearConnect Checking Account has no ATM fees at any BBVA Compass or Allpoint® ATM. You’ll also receive a BBVA Compass Visa® Debit Card you can personalize with you favorite photo. Compass Bank has hundreds of branches nationwide and throughout Alabama. List of Second Chance Banks in Alabama that don’t use Chexsystems
- Discover Bank – Open a Discover Bank savings account online instantly and earn a rate 5x the National Savings Average with a low opening deposit and access to your cash anytime. Discover Bank also offers its customer the opportunity to open a checking account. To open a Discover Bank checking account, you have to open either a Discover Savings account or credit card. You have 30 days to make a deposit at a local branch or by setting up direct deposit. You can also make your opening deposit by mail.. Second Chance Checking Bank with no credit check best bank for bad credit and no opening deposit
To prevent terrorism and fraud, all banks are required by law to verify your identity in the form of a “soft pull” of your credit report. This means they only access your credit report to check that your name and address match up with your social security number. This is how the bank obtains the information that makes up the random identity confirmation questions during the process of applying for a checking account. A soft pull of your credit report won’t lower your credit score and the bank can’t see detailed information about late payments or credit cards in collection.
Banks requiring that your checking account is enrolled in overdraft protection in the form of a bank-issued line of credit, will require that you don’t have bad credit. The bank will conduct a “hard pull” of your credit report, meaning that the credit check itself will lower your credit score by 2 points. Our list of recommended Banks in Alabama do not use Chexsystems or check your credit history. Alabama banks that have a second chance bank account
What is Second Chance Checking? 2nd Chance Banks in Alabama
Some Banks in Alabama offer a “Second Chance Checking Account” Program, which means the bank will open an account for you even if you’re on Chexsystems as long as any overdrawn bank accounts have been paid. Some banks have other names for these banking programs such as “Opportunity Checking” or “Fresh Start Checking”. To open a checking account through one of these special bank programs, you usually have to apply in person and, in many cases, the bank requires that you take a class on how to balance your checking account and avoid overdrawing your account. Alabama Banks
Of course, you can always open a checking account specifically made for second chance banking customers. Woodforest National Bank offers one such second chance bank account to Alabama residents. Woodforest National Bank has locations throughout Alabama, including Mobile, Huntsville, Auburn and Prattville.There is a minimum $25 opening deposit for Woodforest second chance checking accounts and a one-time $9.00 setup fee. Woodforest second chance checking account holders must also pay a $9.95 monthly service fee if they do not set up direct deposit and $7.95 if they do.
But only if you have the money available to pay off your old, overdrawn bank accounts, will banks specifically offering second chance checking let you open a bank account with them. All of the banks on our list of “Best Second Chance Banks in Alabama” have short, online applications and most of them do not require an opening deposit as most banks require. So, you can open a checking account from several banks in Alabama online and get an instant account number to set up direct deposit.
Alternatively you can mail the opening deposit to the bank, or sometimes use a credit card or prepaid card. Your Chexsystem record stays on file for 5 years unless the information Chexsystem’s has is inaccurate and you file a dispute. Even if you pay off your old bank account, you still have to make sure the bank sends a letter to Chexsystems requesting the removal of any negative information. No Chexsystems banks. How do I get a checking account if i am on chexsystems?
Why You Need A Checking Account No Credit Check Banks in Alabama
I need a checking account for direct deposit
Many employers today no longer bother with the hassle of issuing checks and require that you have direct deposit. This can be an embarrassing situation if you need a bank account but keep getting denied because of Chexsystems and don’t want to explain to your new employer that you bounced checks at your last bank and can’t get a checking account. Second Chance Banks in Alabama with free checking accounts and no opening deposit
Because Chexsystems works like a consumer credit reporting agency, if you try to cash a check, even at a popular retail location such as Walmart, they will also run your identity through a check system such as Telecheck or Chexsystems and refuse to cash your check. Without a checking account, you’re usually left with the option of paying a higher fee and cashing your check at a check cashing store or currency exchange, businesses that profit from your past mistakes. The greater the amount of your check, the higher the fee. Banks for Bad Credit in Birmingham Alabama. No Credit Check Banks in Birmingham Alabama. Open a bank account online. National Banks with a free Second Chance Checking account Second Chance Banks in Alabama. Open a checking account at Alabama Banks with Second Chance Checking Accounts and no credit check. No Chexsystems Banks in Alabama. Checking Accounts Banks in Birmingham Alabama No Credit Check Banks in Alabama