Having a bank account is almost essential in today’s society. Most people take having a bank account for granted. Those of us who have ended up on ChexSystems’ list don’t take them for granted anymore—the expense and frustration of having to rely on Check Cashing stores and Money Orders can get old quickly!

The simple fact is that bank accounts make life simpler and cheaper. What other reasons do you need? Millions of people don’t have bank accounts. Some don’t have a bank account because they don’t want one (for example, many illegal immigrants don’t get a bank account for fear of being reported to the immigration services, other people don’t get a bank account because they mistrust banks, etc.). Many others don’t have a bank account because they are on the list maintained by ChexSystems.

You can read more about what ChexSystems is, and how you get on their “bad” list. However, this article is about why you need a bank account, and how you can get one even if you are on ChexSystems’ list.

The benefits of having a bank account become clear when you imagine a day with a bank account, and one without.

Susan doesn’t have a bank account. She’s happy, because it’s payday, and she needs to cash her paycheck so she can buy groceries and pay some bills. To cash her check, Susan goes to the nearest Check Cashing store, waits in line, and pays a Check Cashing fee of $12. While she’s there, she buys several money orders so that she can pay her phone bill and her rent bill. Susan pays an extra $4 for each. Susan also has to buy stamps and mail both of the money orders. She finishes her errands by paying cash for groceries at the grocery store. By the end of the day, Susan has paid $20 (plus stamps) for her errands.

Susan’s co-worker Donna does have a bank account. She has the same errands to run. Her day goes like this: she checks her bank balance online, and confirms that her paycheck was directly deposited into her account. While she’s checking, she also uses the free online bill payment service offered by her bank to pay her rent bill and her phone bill. Donna then goes to the grocery store, and pays for her groceries using her debit card. She also uses her debit card to get $20 of spending money out of her account. Donna’s bank charges her an ATM fee of $1.50. So, by the end of Donna’s day, she has paid only $1.50, and has saved lots of time—she didn’t need to wait in line or go to a Check Casher to do her business.

Bank accounts open up a world of other opportunities as well. By having a bank account, you can:

• Save money and start building a nest egg (some checking accounts let you earn interest on your deposits);
• Start to build a better credit history so you can enjoy cheaper loans, credit cards, and insurance rates;
• Build a relationship with a bank so that you can get credit from the bank;
• Easily send money to relatives (even overseas!);
• Buy things by phone or over the Internet; and
• Get cash out of ATMs around the world.

Having a bank account is sometimes referred to as the first step in the “pathway to credit”. It’s important that you take that first step!

But I’m On the ChexSystems List. How Do I Open a Bank Account?

There is bad news and good news. The bad news is that experts estimate that 80-90% of all banks use ChexSystems to make their new account decisions. That means that you have a pretty slim chance of finding a bank that doesn’t use ChexSystems. The good news is that there are a few banks that don’t use ChexSystems. The difficulty is in finding one of those banks.

Luckily, resources are available (but be careful!). On the Internet, you can find a number of sources that claim to provide lists of banks that don’t use ChexSystems. Unfortunately, many of these lists are out of date. One list we saw had over 100 banks on it—but it was so out of date that only 3 of the banks actually did not use ChexSystems. Don’t pay for one of these lists.

We provide a free list of banks that don’t use ChexSystems. The list is current and up-to-date (only a few banks are on the list, but they all don’t use ChexSystems, and some guarantee 100% approval!).

Take your first step to get back on the path to credit. Save time and save money—open a bank account today!

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Related ChexSystems Banking Information:

1. How Your Checking Account Works
2. Why is it Important to Stay Off the ChexSystems List?
3. How New Banking Rules May Impact Your Second Chance Bank Account
4. How to Open a Bank Account with no Credit Check
5. How to Open a Bank Account with Bad Credit