Second chance banking
NEW AND IMPROVED SECOND CHANCE BANKING PRODUCTS HELP BLACK AMERICANS WITH BAD BANKING HISTORY GET A FRESH START
Homewood, IL (BlackNews.com) - Currently over 70 million Americans need new checking accounts in this country. Of that number, many of these individuals are minorities, single parents, senior citizens and/or divorcees. The Dottie Marketing Group Consumer Club (DMGCC) has launched a nationwide marketing campaign, assisting those individuals who have been blacklisted by ChexSystems and/or TeleCheck, the official credit bureaus of the banking industry.
ChexSystems and TeleCheck are reporting agencies that provide negative banking information about individuals, according to their history with banks. This, in turn, can ban that person from opening a new bank account of any kind with another bank for up to seven years.
DMGCC helps individuals set up new checking accounts with one of three FDIC Banks that they represent. A bank ATM cash card is also provided for easy access to the checking account. This bank ATM card does not have a MasterCard or Visa logo on it. However, it is widely accepted at most ATM machines and retail stores everywhere.
For those who want a card with a major credit card logo, DMGCC also offers a MasterCard logo debit card with unlimited usage per month for a $9 service fee. This debit card is one of the first bank debit cards to offer unlimited usage for a flat monthly rate. This new card also accepts direct deposits, wired cash, and mailed-in endorsed checks with personalized deposit slips.
The administrative process for both of these Second Chance Banking products is fast and easy. An individual can get set-up online or through the mail. Same day service is now available through Paypal online or via MoneyGram Express Payment wire for $6.95.
There is no need of a ChexSystems/TeleCheck credit check, an initial deposit, or an interview with a personal banker. An applicant is guaranteed approval for both banking products, as long as they are 18 years old, have a verifiable home address and telephone number, and possess a valid driver’s license, state ID, military ID or US passport.
The one-time processing/set-up fees for these Second Chance Banking products are as follows:
New Checking Account set-up fee, only: $69.00;
MasterCard logo debit card set-up fee, only: $49.00;
or for both, only: $89.00
Senior Citizens 60 and over do not have to pay a fee to set up a new checking account. Only proof of age is required when applying.
For further information about these new Second Chance Banking products, contact:
Debby Thomas, Marketing Director, (866) 418-0133, www.2ndchancechecking.net
To apply, call the marketing representative in your respective area.
* Denise - East Coast Representative: 1-877-924-5030
* Daphne - Southern Representative: 1-877-374-7844
* Krystal - Los Angeles Representative: 1-877-827-7633
* David - Northern California Representative: 1-877-243-0651
* Luanna - Greater West Coast Representative: 1-800-679-8082
* Kayla - Midwest Representative: 1-866-747-9831
Duane, another option is local credit unions. *Some* won’t allow persons listed in ChexSystems or TeleCheck to open a checking account, but they will open a savings account and issue an ATM card (now accepted at almost all checkouts). Instead of sending checks, many people are now turning to free online bill paying (provided either by their bank/credit union or the companies they receive services from) instead of writing checks.
Bills can be paid either from a checking account or savings account, so actual check writing is becoming more and more obsolete - especially with the recent changes in the law regarding checking accounts. The best thing about credit unions is that you only need anywhere from $25-50 to open an account. The “second chance” accounts you wrote about have substituted the “set up” fee for the opening deposit… and these “set up” fees are on the high end (debit card fee) - or are way more (checking account fee) - than what a credit union would require to open a new account.
I see this as nothing but another way for someone to make money off the ignorance of the poor. Most people that ruin their “regular” bank accounts do so because they are ignorant of financial management skills; and most of the people who find themselves in this situation are poor. Hence my stance.
There are other, and better, options than this second chance scheme. The only people I can think of who may benefit from this is someone who lives in a town where there are no local OR regional credit unions for community members. Also, many people’s schools and jobs qualify them for membership in credit unions that restrict membership to certain employees and member organizations… but they just don’t know about those options because they are not told and they don’t know to ask.
Comment by Rosalind | June 8, 2005
I think Chex Systems and Tele Check should be put out of business because they take whatever information the banks give them whether it is true or not and this causes big problems. Having to go to a check cashing place is very expensive. These two companies should be put out of business.
Comment by Forest Darling | March 12, 2006
What about us white americans we need help to im white would i be able to use this? Thanks
Comment by Crissy | December 11, 2006
Pretty much this is an advertisement for this service. It is a blatent ad made to look like advice. It is a ripoff, and once they get you, they have you paying monthly fees in addition fees to deposit money, and fees to take out money.
Try Washington Mutual’s website to open an account. They offer second chance accounts.
Comment by justin | March 4, 2007
I would like to have a chance to correct my errors, I think this is a great way to get a new start.
Comment by Timiko M.Jones | May 1, 2007
WoodForest Bank offer second chance banking.
Comment by Janetta | November 20, 2007
why dont woodforest accounts let us deposite through atms because some of their brachces are far out
Comment by pamela | December 15, 2007
More and more banks are starting to offer “second chance banking”. Many of them issue debit cards (like account now). Others offer real bank accounts that you can use to ACH and withdraw funds using normal banking tools. A few even offer real checkwriting privileges.
Comment by second chance banking | March 6, 2008