[ad]

As more and more consumers find themselves living with bad credit, banks have been forced to adjust to the new realities of the nation.   Until recently, it was assumed that someone with bad credit and a Chexsystems report would not be able to open a regular checking or  savings account.

Thankfully, some banks are beginning to realize that giving people a second chance can be profitable. Some banks will allow anyone with an existing checking account to open a savings account. One good example of such a bank is ING, offering an online ING savings account that has received very positive reviews from users particularly because the accounts pay a higher than average interest rate.

But if you don’t have an existing checking account, what do you do? Well, you can turn to those banks that are known to issue guaranteed checking accounts.

These aren’t necessarily second chance checking accounts, because they are available to anyone regardless of credit or Chexystems. For many, this is not a great option because these banks are not brick and mortar establishments thus making the banking relationship a long distance one. Now, some banks like Wells Fargo and Washington Mutual are starting to experiment with second chance checking accounts. We hope this trend will stick and banks will realize that they need us more than we need them.