If you have a history of unpaid overdrafts and forced account closures, you may have difficulty finding a bank that will give you a checking account. But this doesn’t mean you have to be one of the nearly 9 million Americans who struggle without access to a deposit account.
Just like how information is sometimes incorrect on your credit report, the same is sometimes true on the report banks use to determine deposit account eligibility. If you are denied an account, you should request a free copy of your report from the reporting agency (likely ChexSystems). Then file a dispute with the reporting agency to remedy any incorrect information.
Even if there isn’t any incorrect information on your report, hope is not completely lost. You can inquire about Bank of the Ozarks’ Pathway Checking account. This second-chance bank account will allow eligible customers to enjoy the traditional benefits of banking and provides the opportunity to establish a new positive relationship with a financial institution. And best of all, the account will be changed to a traditional checking account within 30 days after the account’s one year anniversary date. Stop by a branch location to learn more.
By Adam Lucas Adam Lucas holds a Finance degree and an MBA from the University of Kentucky. His work has appeared in many major outlets including Yahoo, AARP.org, and GoBankingRates.com.
Monday on the Money is a weekly commentary from Bank of the Ozarks providing financial advice and solutions important to you and your family.