Denied Checking Account

Many people have gone through the utter humiliation of attempting to obtain a checking account only to find that they are denied at the vital moment. There are many reasons for which you might be seeking a checking account, for instance you may be looking to store your money in a secured location, or maybe you simply want 24/7 access to the money you have saved. Either way, there is a degree of humiliation which goes hand in hand with being denied a checking account. In many cases the bank will not even tell you why you have been denied, which can be a rather serious problem for you.

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There are two major reasons for having your account application denied, even if the majority of banks will not admit it. Review these reasons and see if any of them might apply to your particular situation:

Database Information: This is one of the more common reasons for being denied and it has to do with you being in the telechex or chexsystems databases. In other words you may have written a bad check at some point, or you might have even committed a worse crime like identity fraud.

Credit Report: Everyone has a credit score to contend with and it is tied to your identity. If you have a low score, then many of the mainstream banks will simply deny your application. This might be disheartening, especially considering the amount of time that it will actually take to clear up your credit.

Luckily, there are other solutions that you might undertake, solutions that involve finding different banks that will permit you to take an account under less stringent circumstances.

There are many banks that do not require you to provide your credit history, and you may be surprised to find that many of them are FDIC insured. In addition to that they do provide debit cards which will allow you to access your account from virtually anywhere.

There are however a few things that you need to understand and take care of before you attempt to open an account, so follow these five tips when you are in the process of opening your account:

Tip #1: Research the bank in question and know what their requirements are. If you're opening a new account then you may need to show a social security card and a photo ID. Note that you will certainly be expected to provide proof of address as required by the Patriot Act.

Tip #2: Have money ready to deposit! This is one of the most important things that you can do. Your initial deposit should be around $20, and if you have no money to deposit then your application will more than likely be denied.

Tip #3: Show proof that you have resolved any problems that you may have resolved. This is especially important if you are applying at the same bank more than once.

Tip #4: Try multiple banks as the requirements will vary between them. National banks do not give quite as much leeway which means you will want to look into alternative options.

Tip #5: Look into setting up a joint account as your co-applicant might be more qualified than you.