The No-Fee $10 purchase cushion is a feature offered by Ace Cash Express and NetSpend on the prepaid debit cards that they issue.

It works exactly as its name suggests. We all know how prepaid debit cards work: you load the card, and then you get all the convenience associated with a debit card, until your balance reaches zero. Typically, a prepaid debit card will not authorize any transaction for an amount greater than what is on your balance, even if it’s a couple dollars. So let’s say you have $52 dollars left on your account but need to pay for a $55 purchase. Most prepaid cards would decline the transaction. With a no-fee $10 purchase protection, your transaction will be approved as long as your shortfall is $10 or less.

Now that doesn’t mean that you were extended $10 worth of credit; on the Ace Cash Express website, they call it a non-contractual courtesy, and you are expected to pay that money back as soon as possible. It doesn’t look like it’s much, but when you consider that you don’t have to pay any overdraft fees for that feature, those debit cards certainly differentiate themselves from the competition.

No Fee $10 Purchase Cushion | Best Prepaid Debit Card Features

ChexSystems is a reporting bureau that financial institutions such as banks use to screen people who come to apply for new checking accounts. If you find yourself unable to open a checking account, chances are that it’s because you have been reported to Chexsystems.

As a reporting bureau, ChexSystems is the equivalent of Equifax, TransUnion or Experian. Its only clients are the banks that use its services. So only a bank can have your name listed on Chexsystems and in most cases (with the notable exception of identity theft cases) it will be up to a bank to write and ask to have your name removed from the list.

Having your name appear on ChexSystems’ report means that most major banks will deny you a checking account. The major banks such as Chase obviously use ChexSystems. The smaller banks have slowly but surely been using the information too, although it is worth pointing out that ChexSystems itself doesn’t approve or deny your account. It’s solely the bank’s decision; they just use ChexSystems’ information to make that decision.

About PNC Bank

Established in the 1800s, PNC (Pittsburgh National Corporation) Bank has grown to be one of the leading financial service organizations in the country. With more than five million customers, and assets of approximately $264.3 billion as of March 2011, it operates 2,400 branches and 6,500 ATMs in 15 states. PNC Bank uses ChexSystems to screen out prospective customers. If you’ve applied for a checking account at PNC and been rejected, you should definitely look into options offered by banks that do not use ChexSystems.

Prepaid Debit Cards You Can Use Like Checking Accounts

Here’s a (partial) list of prepaid debit cards that can give you most of the options and convenience that you would get with a regular checking account. They’re easy to get, and can be used anywhere a regular debit or credit card is accepted.

• BBVA Compass SafeSpend Prepaid
• Ready Debit Card
• Green Dot Gold Card
• UpSide Prepaid Visa
• Mango Prepaid MasterCard
• American Express Prepaid
• Walmart MoneyCard

Does PNC Bank Use ChexSystems?

The Green Dot Visa is a prepaid debit card and is one of the most popular prepaid cards on the market today, because it is widely used by people that do not have a bank account: there is no credit check or bank account needed for approval. Also, while you can quickly get into too much debt if you use credit cards, prepaid cards like the Green Dot prepaid card are a great way to limit your spending. You must first deposit money on your card before it can be used to make purchases. It is a great alternative for those without a checking account because it will save you money on check cashing fees, approval is guaranteed, and it works just like a checking account.

Features

Green Dot cards are available for both Visa and MasterCard and the terms and conditions with both cards are the same so it’s only a matter of preference whether you want the MasterCard-branded or the Visa-branded card. In any case, they’re accepted worldwide. Here’s an overview of what to expect:

• $0 Activation Online –with no credit check
• Free ATM withdrawals at over 15,000 MoneyPass ® ATMs
• Get a $4.95 credit on your first MoneyPak cash load (see site for restrictions)
• No Monthly fee for any month with at least 30 purchases
• No Transaction fees on US purchases
• No Overdraft or penalty fees
• No Minimum balance required
• Get $10 with Direct Deposit (see site for restrictions)

How to Reload

The best way to add money to your Green Dot Prepaid Visa Card is to set up direct deposit of your paycheck or government check. When you set this up and receive your first deposit you will be given a $10 bonus! You have the option of depositing our whole check or just a portion of it. You can also load money onto your card using the Green Dot MoneyPak Card, which is available at thousands of retailers nationwide. You also have the option of loading your card directly from your bank account, credit union, or other financial institution. Most banks allow for online transfers onto your card as well.

Pros

There is no credit check and no interest to pay. There are no late fees, either, and you can use this card anywhere in the world that Visa or MasterCard is accepted. For a prepaid card the fees are not too steep or too numerous. It is very user friendly to setup and to deposit money on, and doesn’t require a bank account. There is no minimum balance requirement.

Parents have found this card useful to use as a debit card for kids. Additionally it is an easy way to send students money that are away at school.

Cons

This is a prepaid card. As such you have to deposit cash to activate it and you will be charged various transaction and maintenance or activation fees. If you can get accepted for a regular credit card or maybe a secured credit card for people with bad credit, that would probably be a better option, but of course you have to be able to come up with the collateral.

Verdict

The Green Dot Prepaid MasterCard is ideal for those looking for the convenience of a credit card and the financial security of a debit card. It has no overdraft fees or minimum balance requirements, plus there is no credit check at the time of application, and you do not need a bank account to qualify. The GreenDot Visa Prepaid card is one of the safest cards in the industries from a brand with a great reputation and is definitely a very good choice.

Green Dot Gold Card Review | Prepaid Reloadable Debit Cards 

The Mango MasterCard Prepaid Card, issued by Inter National Bank, is a prepaid debit card that offers a payment option alternative to traditional credit cards and bank checking accounts and is a very attractive option for people with bad credit or no credit. With it, you can enjoy having brand-name plastic in your pocket that is accepted by merchants all across the globe at tens of thousands of locations, even if you have no credit history or poor credit. The Mango Card is a convenient way to manage your money (it offers mobile payments via mobile phone and web) and it’s much safer than using cash. The Mango Card is not a credit card, which means there are no credit checks, just an identity check to comply with financial regulations. Since your balance on the card is determined by your deposits, you control how much money you have on the card and can spend only the money you have. There are no overdrafts, thus no overdraft fees. There are also no interest charges or late fee charges because there’s no credit extended to you.

The card offers a neat feature which allows you the convenience of managing your account from your cell phone. Your card is enabled with YAP to access your money from anywhere at anytime. You can check your Mango Account balance and receive money all for free on your cell phone, and you can send money within the U.S. via text for a small charge.

How To Load The Card

With one exception, there is also no fee for adding money to your card. A Mango™ MasterCard® Prepaid Card can be loaded with cash through direct deposit, from a bank account, with a Green Dot MoneyPak, from a mobile phone, or online from another Mango™ MasterCard® Prepaid Card customer. Only the Green Dot MoneyPak comes with a fee charged by Green Dot ($4.95).

How To Get The Mango Mastercard Prepaid Card

There is no credit check and you are guaranteed to be approved as long as you can provide the information required: the only things you need is to be 18 years or older, have a valid e-mail address, and a social security number to confirm your identity. Your Mango Card will arrive in the mail 7-10 days after you order it. To activate your card, just call the number on the card or go to the web site. Once you activate your Mango Card, you can begin using it immediately. From there you load your card either through the direct deposit or through a cash deposit.

Related: Debit cards for teens

Mango™ MasterCard® Prepaid Card Fees

Summary of the Mango Mastercard Prepaid Debit Card:

• Unlike most prepaid cards there is no charge to sign up for the card and activation is free, as is use of the customer service phone number.
• Free Direct Deposit
• Pay your Bills from your online account
• No Fee to Check Your Balance With a Text Message
• Send and Receive Money Securely With any Mobile Phone
• Free Mango iPhone App (Download from iTunes Store)
• $5 Monthly Fee – Waived when You Load at Least $500 Per Month
• No Credit Check/No Bank Account Required
• Savings Account Feature

For the most part the Mango offers more free features while also charging fewer transaction fees, when compared to most prepaid cards on the market. There is also a saving account feature connected to the card, so if you want to save money you can use it while also earning some interest on your savings.  This card is for anyone who is tired of outrageous banking fees with limited features and for people who can’t open a checking account.

Mango Mastercard Prepaid Card Review | Best Card For People With Bad Credit

People’s Cash Solutions

It often happens like the following scenario. Someone, for whatever reason, does a miscalculation on their checking account and the overdraft fees pile up. The person doesn’t pay back the overdrafts either because they think it’s no big deal, or because they just don’t have the money to. No matter which one of those situations happens to be true, the banks will not just eat up the loss without taking any action on their part. They will indeed write off those amounts as a loss, but the transactions will be reported to Chexsystems, and that person will have a lot of trouble if they try to open a new checking account in most banks.

Some people, after finding out about this, will try and get removed from Chexsystems’ database. That usually entails paying off the amounts that you owe the different banks, but you can’t directly ask to be removed. It’s the banks themselves that have to write and state that you’ve paid the debt. You can easily imagine that this is a process that will take some perseverance, and won’t be able to get solved in a couple of days. In the meantime, you want to be able to carry out your life in a manner that is as close as how it previously was.

To do that, you need to find a company that will offer you an account with pretty much all the conveniences you would get with a regular checking account, even if you are listed on Chexsystems. There are several companies that do this, and today we’re going to focus on Peoples Cash Solutions.

Peoples Cash Solutions offers checking accounts to people who have a negative record on Chexsystems and/or Telecheck. The account that they open for you is FDIC-insured (meaning that you’re protected up to $250,000). The only instance where you will be denied is if you have been reported for fraudulent activity. There is a large pool of people out there who need a second chance bank account. It’s not only because they need to make financial transactions, but also because getting such an account can be the first step towards re-establishing yourself as a good customer for banks.

Features of Peoples Cash Solutions Accounts

Debit Mastercard. A Debit MasterCard is tied to a cardholder’s bank account and can be used to make purchases or obtain cash at more than 25 million locations around the world, including more than 1 million ATMs. Purchases using debit MasterCard are authorized by signed receipt or the use of a PIN. In other words, you can make transactions at any ATM, as well as set up Direct Deposit on your account and have access to that money without having to go to a check cashing store and pay the associated fees. Your MasterCard debit card is covered by MasterCard Zero Liability(TM) for fraudulent use and your account is FDIC insured up to $250,000.

Personal Checkbook. The benefits of actually having a checking account are hard to summarize, because it’s the starting point of most financial transactions. Peoples Cash Solutions offers a checking account with check writing privileges, which means that you don’t have to carry cash and can use checks instead. You can pay your bills through the mail. You can also use your checking account for budgeting purposes, so you can clearly see where your money goes.

Online Bill Pay. Nowadays you can pay almost all your bills online. You won’t have access to online bill pay right then and there, but after just 30 consecutive days of maintaining an account with Peoples Cash Solutions, you will qualify for their Internet Banking solution. Once approved, you will be able to make and schedule payments just like the other online bill payment companies offer their customers.

Online Banking. No longer to you have to go to an ATM or look for a statement to check your available balance. Along with being able to pay your bills online, online banking also allows you to check your balances, so you always know how much money you have left in the bank. You can also transfer money between accounts with a few simple clicks. Other benefits include the ability to reorder checks online as well as talk live to a customer service representative, should you have questions regarding your account.

Online Money Transfers. If you send money to relatives on a regular basis, Peoples Cash Solutions offers a free alternative to fee-laden money transfer services. All you have to do is obtain a separate account or ATM card for the people you send money to. From that point on, you can easily transfer funds to these additional accounts for free.

Overdraft Protection. If you’re facing an emergency, instead of getting a payday loan, you can use this service as an alternative. If you are not enrolled in direct deposit with your employer, you may qualify for up to $300 of ODP. If you have a direct deposit tied to your account, you may qualify for up to $500 of ODP. Not everyone will qualify for this, and there are fees, as well as other terms and conditions associated with this service. This is something that you can address with a customer service representative for more details. Also see Ally Bank’s Overdraft Policy

Second Chance Bank Accounts: More Information

Second chance bank accounts come in all flavors, depending on the financial institution that offers them. People whose names are listed with ChexSystems and/or Telecheck are usually the target market. Since they are often desperate for banks that do not use Chexsystems, they often tend not to look for lots of information so that they can make an informed decision.

That’s why, in addition to the information provided above, we want to give a little more to the people out there who have a bad credit history or who have had their accounts closed because of overdrafts and debt problems.

1. The best second chance account offers do not require a minimum account balance, nor do you have to submit to an interview. Since the second chance checking account is specifically designed for people with bad credit, it’s expected that you financial picture will be less-than-perfect.
2. The procedures are relatively simple and straightforward. You fill out the required application, submit ID, provide the funds to open the account, and you should be OK.
3. There are now an increasing number of financial institutions offering these types of accounts, making easier for people in tough situations. But that doesn’t mean that all these offers are good. Some are way better than others even though they charge less fees. In the end, it will all depend on how well you did your homework.

People’s Cash Solutions: Your Opportunity To Get A Second Chance Bank Account

What Can Cause You To Get Reported To ChexSystems?

It’s common knowledge that having your name appear on Chexsystems’ database means that most banks will refuse to open you a checking account. Chexsystems is a reporting agency that provides details of poor consumer banking history to its subscribers. What’s less known is exactly what kind of situations can lead to your information being sent to Chexsystems. Here’s a partial list of incidents that can land you in this bad position.

• Unpaid overdrafts. If your bank paid one or more transactions for you while you didn’t have the money in your account (which is know in the banking vernacular as paying on insufficient funds), they expect you to pay back the amount that they paid for you, plus applicable overdraft fees. If, for any reason, you fail to pay the bank back, they will close the account report the incident to Chexsystems. Other banks will view you as a “risk” and most will deny your application if you try to open new checking accounts with them.
• Repeated overdrafts. This is when you start setting a pattern of overdrawing you account on a regular basis. You might think you’re OK because you always pay the overdraft, and because you reason that the bank also makes money because they collect overdraft fees from you. But the bank might not see it that way. They may reason that you have poor money management skills and that sooner or later you will not be able to meet your obligations. When that happens, they close your account and invite you to bring your business elsewhere. Of course, the incidents are reported to Chexsystems. You know the rest.
• Fraudulent transactions. People who indulge in fraud, whether it be bad checks, debit and/or ATM card fraud and the such, are reported to Chexsystems.
• Identity theft. Sometimes it’s not you, but someone else who steals your identity and then proceeds to do all sorts of bad things while using your information. In these cases, you may have a reprieve, but still it’s a serious situation in the time period between when it blows up and when you’re finally able to clear your name.

We’re not going to get into the fraud scenario. Suffice it to say that even banks that do not use Chexsystems often have a provision that excludes you if you come to them because you’ve been frauding. Identity theft is also a rather particular situation. It does cause Chexsystems problems, but those problems are not the result of you mismanaging your money. For the other situations, there are products and services out there that meet your needs, and that you can even use to improve your money management and avoid falling into the same situation in the future.

Second Chance Checking Accounts

Whether you’ve been reported to Chexsystems because of unpaid overdrafts, repeated overdrafts, or because someone has stolen your identity, you can’t just sit there and wait five years for your name to be taken off their database. You need to find banking services where you will be able to carry out most financial transactions even though you’re on Chexsystems. We’re talking about direct deposit, debit card, withdrawals and deposits at ATMs, online bill pay, and so on. Since the number of people that are locked out of the traditional banking circuit is pretty large, a number of banks have identified it as a potential market.

In response, many financial institutions have shifted their stance and there are now many banks that don’t use ChexSystems at all to evaluate new customers; some others still do, but do not base their decision solely on what the database says. These banks use this fact as a selling point to attract prospective customers who may have had trouble getting approved by traditional banks. These banks refer to those “different” checking accounts as a second chance checking account or fresh start checking account.

What should a second chance checking account provide?

• The ability to deposit, withdraw, and transfer money from your account
• A debit card with the Visa of Mastercard logo that enables you to make purchases everywhere and also withdraw money from any ATM
• Check writing privileges (sometimes)
• Low opening balance, and no minimum balance requirements
• Low monthly maintenance fee.

Think about it: these days, without a bank account, your options are severely limited. For example, if you get a new job, you may be required to give your employer your account number to receive payments. Some corporations won’t send out checks anymore!

For those people who don’t have any options, a second chance checking account gives them a second chance at a bank account. With good use, you can even use a second chance checking account as a stepping stone to open a normal account in a six to twelve month time frame, provided that you show discipline in how you’ve managed your account during the time that you’ve had it.

Make sure you do plenty of research before actually getting a second chance bank account. There are different type of second chance accounts and you want to make sure you choose the one that best fits your situation.

© Reported To ChexSystems? Try Second Chance Checking Accounts

People looking for a list of banks that do not use ChexSystems come from all walks of life. In most cases they have been in bad situations and they’ve had checks bounce. The banks that they held their accounts with decided to close those accounts and report the incidents to Chexsystems. So those financial problems that you’ve had in the past can potentially follow you for years. This is because ChexSystems is a company that maintains a database of all the “bad” banking clients. Since most banks do a ChexSystems check on all new bank applicants, if your name is in the system, you won’t be able to qualify for a new account.

This is what prompts most people to get online and start looking for “banks without Chexsystems“. They look because it’s common knowledge that only about 80% of the banks out there do business with ChexSystems. That leaves a big 20% of banks out there that are open to the possibility of opening a checking account for you even if you have a negative record. Depending on the bank, those accounts are called “fresh start checking accounts” or “second chance checking accounts” but they basically offer the same thing: you get to open a bank account even if you’ve had financial problems, or you have bad credit, or something similar.

You’ll find that there are lots and lots of places that promise to get you a list of banks that don’t use ChexSystems. The problem is that a lot of them are really not about to give you the exact information that you’re really looking for. But at first, let’s give this a little more thought.

ChexSystems makes its money by charging financial institutions to use its service. That means that the more banks use them, the more money they’ll make. So they’re pretty aggressive in terms of marketing their service to banks that don’t currently use them to verify new checking accounts. Conversely, some banks have realized that they lose business by simply turning down everyone with a negative ChexSystems record, and they don’t necessarily want to keep doing that. What that boils down to is that there’s a constant movement of banks signing up for ChexSystems’ service and others that are leaving it.

When you think of the number of banks that there are in the United States (close to 8,500), getting a list of banks that don’t use Chexsystems would be a colossal amount of work in the first place. And that’s only the beginning, because such a list would have to be maintained continuously in order to be accurate. That would necessitate a sizable staff and that list would probably be just too expensive to be attractive to anyone looking for a non ChexSystems bank.

So what’s left for you to do? Well there are companies that are well known for offering “second chance checking” products and services. Three of them come to mind, but there are many more.

People’s Cash Solutions: “Second Chance Checking Accounts”

People’s Cash Solutions refers to their product as a “fresh start at banking”. Here’s what their website has to say:

Have you ever been denied a checking or savings account due to past problems with ChexSystems and TeleCheck? The Peoples Cash Solutions program is the answer for you! Peoples Cash Solutions and Peoples Bank will open a real FDIC-insured checking account for you even if you have been reported to ChexSystems or TeleCheck in the past (except where fraudulent activity has been reported). We want to give you a chance to establish a banking relationship as the first step toward improving your credit record and to allow you to begin building and accumulating assets. Our Second Chance Checking program erases the inconvenience of not having a checking account and/or being forced to use fee-intensive alternatives.

Money Now Usa: “100% Approval, No Credit Checks Prepaid Debit Cards”

Money Now Usa flaunts their wide selection of prepaid debit cards with 100% guaranteed approval. You get to choose from a list of well-known companies that offer their debit cards with no credit checks and no Chexsystems verifications. There’s a small list of features and benefits next to each offering to help you decide which is best for you.

Ready Debit: “100% Approval Guaranteed Reloadable Prepaid Debit Cards”

Once again, I’ll let the company’s website do the talking:

100% Approval Guaranteed — Even if you’ve been turned away or rejected by banks you can still get a READYdebit card. We have no credit or Chexsystems checks to worry about. Our only requirement is that we can validate the information you provide to us when you open your account. We do this instantly online while your application is being completed to make the sign-up process fast and easy!

“Can I Get A List Of Banks That Don’t Use ChexSystems?”

Fresh Start Checking Accounts

If we’re talking about Fresh Start Checking Accounts, then there has to be a negative record at one of the companies that track people’s checking activities. Maybe you’re been reported to Chexsystems, or maybe you have a record with Telecheck, it doesn’t even matter. What matters is that you’re going to have to find banks that don’t use Chexsystems in order for you to get what is also known in the industry as a second chance checking account. Chexsystems is kind of the banking system’s watchdog, in that it keeps tabs on your bank related history and will keep on putting notes against your name you have amounts overdue against your name or if you have the fraud against your name.

What that means is that a negative ChexSystem record will prevent from qualifying for a checking account at roughly 80% of the banks in the country. Until people are victims of it, they have no idea how bad it is to not be able to have a checking account: to make a long story short, no access to checking services like ATM transactions, no telephone banking, no online banking, no direct deposit, and you have to carry cash to conduct all your transactions: without a bank account cash is your only option. Not only is it impractical to carry huge amounts of cash in your pocket, it’s also very risky.

The fresh start checking account helps solve this predicament. Of course, it comes at a cost (most banks charge a monthly fee of $5 to $10 to open a fresh start checking account under your name), but consider it as a small price to pay for your convenience

Upgrading from Fresh Start Checking Account to Regular Checking Account

Plus, it’s good to keep in mind that many of those banks also make it a policy to upgrade your fresh start checking account to regular checking account status within 6 to 12 months, provided that you’ve kept your account in good standing and incident free over the specified period. By incident free, they mostly mean that you’ve had no NSF fees.

Banks That Do Not Use ChexSystems & Offer Fresh Start Checking Accounts

There are a number of banks that are now offering those second chance checking accounts, because they either don’t really worry about it, or they realize that a lot of people end up with a negative Chexsystems record or a Telecheck report unintentionally or because of something they didn’t know. Those people deserve a second chance and they get to have a checking account and a debit card with either the Visa or Mastercard logo.

Of course, it’s best if you don’t end up getting in trouble with either Chexsystems or Telecheck, because it can really be a nightmare. But in case you do end up being reported to one of them, it’s always good to know that you can still open a checking account. It’s not going to be free, and you’ll have a lot more restrictions compared to regular checking accounts, but at least you’ll be able to access basic banking services.

Fresh Start Checking Account: Banking For People With A Negative Chexsystems or Telecheck Record