Every bank or credit union that is insured by the Federal Deposit Insurance Corp or National Credit Union Administration researches the banking history of any potential customer, explains Bankrate. The institution runs a bank history report to see if the individual has mishandled checking accounts in the past by engaging in fraud or leaving bounced checks or banking fees unpaid. Some banks also perform a general credit check to assess the customer's level of financial responsibility.Continue Reading
Although it isn't possible to hide a person's financial history, some institutions do offer second-chance checking programs, explains NerdWallet. The accounts often have monthly fees and usually don't offer overdraft protection. They may also require the account holder to participate in financial literacy or money management classes to be eligible for the checking account. Despite their restrictions, these accounts can help people with a questionable credit history develop good financial habits and prove their ability to manage a checking account.
Green Dot Bank and Wells Fargo both offer these second-chance checking programs throughout the United States, and other banks have regional programs, continues NerdWallet. Just a few of these options include One United Bank, Appalachian Community Federal Credit Union, Federation Bank, Central National Bank, and First National Bank and Trust Company.Learn more about Bank Accounts