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.

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

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