answersLogoWhite

0


Best Answer

One method of checking accounts for bad credit is to do a credit check on the required company. One would need a couple of their creditors to call and verify payment history and missed payments. Many companies who offer credit to clients often check accounts in this matter.

User Avatar

Wiki User

10y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What are some methods for checking accounts for bad credit?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Continue Learning about Accounting

What are the names of some banks that offer free checking accounts?

Banks that offer free checking accounts include Ally, Capital One 360 (formally ING Direct), Alliant Credit Union, Bank of Internet USA, Connexus Credit Union, Incredible Bank, and Perk Steet Financial. Other banks such as Wells Fargo, PNC bank, US Bank, and America First Credit Union offer options for free checking accounts such as also having a savings account at the bank.


Does having a joint checking account with someone with bad credit affect your credit?

Their credit is not reported on yours unless they mess up the checking account itself. If they bounce a check or start getting a lot of NSF's that will be on both of you. But their previous credit cannot affect yours. First, I would like to explain to you the difference between having bad credit, and having a bad report on ChexSystems. Banks and credit unions usually report people to Chexsystems regarding delinquent bank accounts. Financial companies and lenders report people to the 3 major credit bureaus regarding delinquent accounts. So, with that said, having a joint checking account with someone with bad credit does not affect your credit. If that person goes into delinquent status with the checking account and the bank reports him or her to Chexsystems or some other check verification company, then yes your name and social security will be reported as well. Your report will stay on Chexsystems for at least 5 years, unless you have it removed by some means. There are many banks that offer promotions for checking accounts for people with negative markings on their chexsystems report. A free consumer organization called "InfoAviator" has a pretty large list of them at infoaviator.org/finance/checking-accounts/2014/05/28/how-to-open-a-second-chance-checking/


What are the services bank provide to its customers?

Some of the services provided by banks to its customers are: a. Checking/Current account b. Savings accounts c. ATM Cards d. Check Books e. Deposit Accounts f. Loans g. Credit Cards etc


Checking Account Overview?

Checking accounts are one of the most important tools in managing finances. They allow for access to money, often with the use of a debit card and personal checks. These tools can be used to pay for bills online, by phone or in person. Checking accounts may include an interest rate on money in the account or offer other benefits such as rewards points. Many banks now perform credit checks prior to issuing bank accounts, making it important to keep a clean credit report and maintain a high credit score. Those who have lower credit scores may be denied a checking account, or in some cases allowed an account with terms different than other forms of checking accounts. Often terms for those who are allowed limited accounts include more strict limits on money that can be removed on a daily basis, a minimum required balance as well as a more restrictions in case of over-drafting. These accounts often require a one year period of ownership before holders may move onto a less restricted form of checking account. Rewards points on checking accounts are one way that banks offer added value to their customers. These points are earned based upon spending using the debit card associated with that checking accounts. Points may be earned on a set ratio per dollar spent or bonus points earned for purchasing certain items, similar to point systems used by credit cards. Rewards points are redeemed for discounts on entertainment, flights or other items as well as for rewards such as gift cards and other perks. Checking accounts often come with online management services. These services can be used to pay bills online, set up auto bill pay and to view transactions. Some banks may allow for checking account data to be sent to money management software, making it easy to check transactions and balances. Online services may also include email alerts when balances are low or if transactions exceed a set amount. Checking accounts may also be used in conjunction with savings accounts and other forms of money management. This can allow holders to move money between accounts in order to always have money available for use with checks or a debit card. Some banks may allow for auto transfer if the checking account goes below a specified amount.


What are the types of bank account?

There are three major classes of accounts that can be broken down into individual accounts: transactional banking accounts, credit accounts, and investment accounts. Note that not all banks have all three, but those are the main classes. The main class of accounts banks offer are transactional accounts, usually just called banking accounts. These include savings accounts and checking accounts. Money usually flows between these accounts and other accounts outside the bank, and can either be interest-bearing or non-bearing depending on your banks terms. This last bit refers to whether the account pays interest or not- typically, savings accounts do pay interest while many checking accounts pay no interest. The second class of accounts are the credit accounts, which include loans, mortgages, and credit cards. When applying for a Mortgage or other loan you work with a bank's loan officer who looks up your credit score, while a centralized credit department handles decisions regarding credit cards. The third class are investment accounts, which include retirement accounts, brokerage accounts, and Certificates of Deposit. Certificates of Deposit, or CDs, are similar to savings accounts, yet the customer cannot take money out without paying penalty fees. therefore, this should be seen as an investment. The other types, retirement accounts (typically IRA's) and brokerage accounts act similar to each other: you put money into the account, choose some stock or let an agent pick for you, and let it sit there. An IRA is usually a "set and forget" style account with occasional tweaks, while those that hold brokerage accounts tend to want more control over their money and assets...

Related questions

Are there limitations for membership at Bankofthewest?

There are no limits or minimums on their checking or savings accounts, but for their some of their credit card services there are.


What are some examples of merchant banking services?

Merchant banks are private financial institutions. Some of the services they offer are: loans, credit cards, checking accounts, mortgages, and savings accounts.


Are free checking accounts going to become obsolete in the near future?

While many banks offer free checking accounts, most will end or limit this in the near future. A great option at the moment are credit unions. Credit unions as well as some community banks have stated that they will continue to offer free checking account to their customers.


What services are offered by Fairmont Federal Credit Union?

Fairmont Federal Credit Union is a credit union based in Fairmont, WV. Some of the services they offer include mortgage loans, consumer loans, checking accounts, savings accounts and online banking.


Is it possible to get a bank account if you have poor credit?

Yes it is possible to get a bank account if you have poor credit. Most banks do not check your credit in order to open an account. However, if you have had delinquent bank accounts in the past, your name may come up in the "Chex" system, which might present a problem. Generally savings accounts are easier to get than checking accounts, but even with horrible credit, you can usually still get some kind of checking account.


Does capital one have monthly fees?

This question is pretty vague. It depends on if you're talking about a checking account, credit card, savings account, etc. Generally, Capital One does not charge fees for checking accounts, some of their credit cards have yearly fees, and most of their savings accounts do not carry monthly fees.


What services does Credit Union West offer?

Just like any other credit union, Credit Union West offers financial services. Some of these include checking and savings accounts, mortgages, and loans.


Which financial services are offered by Arizona Federal Credit Union?

There are many services offered by Arizona Federal Credit Union. Some services offered are checking and savings accounts, loans and credit cards, and investments.


What services does Visions Federal Credit Union offer its patrons online?

The Visions Federal Credit Union offers its online patrons many different services. Some of those services include checking accounts, savings accounts, credit cards, mortgages, loans, and E-services.


View my chase checking account number on credit report?

Personal checking accounts will not show up on your credit report. If you have a Chase credit card, you will see some information about the card like reported balance, status, and maybe the current APR on your report, but you won't see any information about to the checking account you use to pay the bill...


What are some advantages of checking accounts?

yes


What are the names of some banks that offer free checking accounts?

Banks that offer free checking accounts include Ally, Capital One 360 (formally ING Direct), Alliant Credit Union, Bank of Internet USA, Connexus Credit Union, Incredible Bank, and Perk Steet Financial. Other banks such as Wells Fargo, PNC bank, US Bank, and America First Credit Union offer options for free checking accounts such as also having a savings account at the bank.