Banks in Louisiana with Second Chance Checking Accounts
Banks Not Using Chexsystems Louisiana
Some banks in Louisiana specifically offer a “Second Chance Checking Account” Program, which means they’ll open an account for you even if you’re on ChexSystems as long as any money owed has already 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 you take a class on how to balance your checking account and avoid overdrawing your account. Second Chance Banks in Louisiana
- 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 is currently offering a $50 bonus if you also 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
The banks on the list of Second Chance Banks in Louisiana do not use ChexSystems or check your credit history. Most 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 online and get an instant account number to set up direct deposit. Alternatively you can mail in the opening deposit, or sometimes use a credit card or prepaid card. Banks in Louisiana with Second Chance Checking
Of course, you can also apply for a new checking account with a bank that caters specifically to second chance banking customers. In Louisiana, probably the best-known second chance bank is Woodforest National Bank, which offers a “Second Chance Checking” requiring a $25 minimum initial deposit and both a one-time $9 set-up fee and a monthly $9.95 maintenance fee (or $7.95 with direct deposit enrollment). Second Chance Banks in Louisiana
Yet, if you don’t have the money available to pay off your old, overdrawn bank accounts, even banks specifically offering second chance checking might not let you open a bank account. Your ChexSystem record stays on file for 5 years unless the information in ChexSystem’s report 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. Second Chance Banks Louisiana
Applying for a Bank Account with Bad Credit
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 banks will deny you 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.
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 doesn’t mean the bank can see detailed information about late car payments or bills in collection.
Still, 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 national and local second chance banks in Louisiana include banks that do not use ChexSystems or check your credit history.
Why You Need A Checking Account
Many employers today no longer bother 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; naturally, no one wants to explain to their new employer that they bounced checks at their last bank and can’t get a checking account.