This article is your ultimate guide to second-chance banking. It explains who these accounts are for, why they exist, and how they work. We'll also compare
What to do when you canât open a bank account
It can be a sign of fraudulent activity by someone using your personal information.
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Published Earlier today
Signing up for a bank account is usually easy. But just as an application for a credit card might not be approved, a bank or credit union could deny an account application.
If this happens to you, be aware that you have other options. However, itâs a good idea to try to learn why the bank made the decision. Of the 7 million U.S. households that donât have a bank account, about 20 percent say one reason is because of ID verification, credit problems or issues with a former bank account, according to a 2019 Federal Deposit Insurance Corp. survey. Other reasons include customer concerns about keeping the minimum bank balance and inconvenient bank locations.
KXLY
May 4, 2021 6:25 AM Margarette Burnette
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Signing up for a bank account is usually easy. But just as an application for a credit card might not be approved, a bank or credit union could deny an account application.
If this happens to you, be aware that you have other options. However, it’s a good idea to try to learn why the bank made the decision. Of the 7 million U.S. households that don’t have a bank account, about 20% say one reason is because of ID verification, credit problems or issues with a former bank account, according to a 2019 Federal Deposit Insurance Corp. survey. Other reasons include customer concerns about keeping the minimum bank balance and inconvenient bank locations.