If you have never heard of Chexsystems then better get to know that. It is sometimes possible because of mere ignorance you may be on the defaulters list of the Chexsystems. When that happens you just cannot have a bank account opened and then you will have to go for a second chance checking account.
Chexsystems is similar to the credit reporting companies or the credit scoring companies. This firm called Chexsystems will have you on the hook if you have defaulted on bank related expenses or you have been doing some major fraud with the bank. In most cases the first instance is true though.
Life without a bank is simply not possible and that is why a lot of banks will generally allow you to open an account with them. This is the obviously the second account with the bank and there are conditions attached to opening that account
These second account is called as 2nd chance checking account or fresh start checking account. The second should be to get your name removed from the defaulters list and there are a lot of ways to do that.
That said a lot of banks have now started to ignore the Chexsystems as most people on it are not there because of the intention of f doing fraud but because they were ignorant of the fact that they can be denied the opening of a bank account. As the name rightly suggests it is a second chance to have a checking account.
The new thinking among the banking sector is that it is not a good way to regulate the defaulters and that is why a lot of banks do not enforce the Chexsystems credibility criteria. You will have to find out which banks do not subscribe to Chexsystems and open a checking account there.
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