Having a personal bank account that has savings, checking, CD or even all three is something you shouldn't go without because it can help keep your money safe and accrue interest. Plus having a bank account can help you establish residency in your local area when you have to fill out important paperwork. But if you're a Texas resident who has had troubles with previous bank accounts, you might need to look for second chance banks in Texas.
If you've ever had a bad history with banks such as writing checks that bounced, mismanaging and accumulating overdrafts with fees and other penalties, or defaulting on other obligations, you might have a bad ChexSystems score. ChexSystems is an agency that reports on people who've held bank accounts and scores them from 100 to 899 with the lower score indicating they're a high risk, and the higher score indicating a low risk. If you've had one or more bank accounts closed by the bank because you improperly managed the account, you could be considered a high risk by CheckSystems.
When that happens it can be difficult to open a future bank account in Texas. But don't lose hope because there is still a chance for you to bank. One thing to note about the ChexSystems is they only keep records of bank accounts for five years, so if you check your ChexSystems report and see any errors in it, you may be able to get them removed or simply wait your time until bad items are removed from your ChexSystems report. But if waiting is not an option, you can look into banks in Texas that dont use ChexSystems.
While most banks in Texas want to limit their patrons to those who've had good banking history and are deemed low risk on ChexSystem's scores, there are some banks that understand that people make mistakes or go through financial hardships. Texas banks that dont use ChexSystems are available for people who have had struggles in the past. Or you might find second chance checking accounts in Texas banks that accept you even if you have a low ChexSystems or credit score.
Sometimes if you have had a little more trouble or a really bad ChexSystems score, the second chance banks may have other requirements you have to follow. For example, they may ask you to place a reserve deposit in case you have any financial difficulty with them so that they have funds with which to cover mistakes. They might even have additional fees you have to pay to maintain a checking account, but if you are able to rebuild your banking reputation within about a year or two, you may be able to have those fees removed or move up to a better checking account.
There are banks in Texas that do not use ChexSystems because they want to be more inclusive in who they allow and want everyone to have checking options. This Texas banks list includes most of those banks with non ChexSystems or second chance options. But be aware some banks may perform other checks such as credit history.
Allied Irish Bank
Cross County Federal Savings Bank
Are you looking to open a Bank Account but you have ChexSystems problems or Bad Credit?
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Just out of college and ready to move off-campus, Patrick learned he had been a victim of identity theft when he was rejected by the landlord for having bad credit. After years of having multiple credit applications denied and fed up with having to pay security deposits up front to utility companies, Patrick decided to dispute Chexsystems and recover his credit. He educated himself on personal finance for years and, after successfully building up his credit record to a good score, he was approved for a mortgage and was finally able to buy a house in New York, where he now lives with his girlfriend and their dog, Winston.