An In-Depth Look At Bad Credit Bank Accounts
It is absolutely necessary to have a bank account in today's fast paced world. For many people however, bad credit keeps this necessity out of reach and their finances at risk. In just a moment however; you'll learn how to get bad credit bank account and how to get your credit back on track.
Most banks offer these types of accounts to customers who don't qualify for their other products, but before you go and sprint to your local bank and ask for one of these accounts there are some things you should know.
1. There are MANY limitations on this type of account. For instance, you do not have access to checks.
2. Your debit card WON'T ALLOW YOU TO SPEND if your account will go below a certain dollar amount.
3. You PAY A MONTHLY FEE just for having the account, sometimes as high as $35/month! I call this the "shame on you fee".
4. You may have to PAY AN ACTIVATION FEE of up to $150 just for opening the account. This is like a security deposit for the bank just incase you overdraft and never pay it back.
It is absolutely necessary to have a banking account in today's fast paced world. A negative credit history can make obtaining one a difficult or impossible task. With the bad credit bank account option there is at least some hope of obtaining financial security.
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
However, if you don't find a bad credit bank account all that affordable, I understand, I felt the exact same way. What I found out though what that carrying cash and just passing the whole checking account thing by was actually MORE expensive then using a bad credit checking account. To learn more check out http://secondchancebankaccount.info and find out exactly how expensive carrying cash can be.