Obstacles to Opening Accounts

You may not be able to open an account at a bank or credit union because of a banking history report.  Banking history reports track how you have handled savings and checking accounts in the past.  If you have overdrawn accounts, had fees that you did not pay, or been suspected of fraud, banking history reports will include this information. Ordering a copy of your file and taking the steps to correct the file if there are errors can help. Depending on the service your bank or credit union uses, you could have a report with ChexSystems, Telecheck, Early Warning, or another company.  Ask the bank or credit union where you want to open an account which consumer reports they use to qualify customers.

If you would like to open a new bank account, look for banks or credit unions in your community that offer fresh start or second chance checking programs.  Often banks or credit unions will disregard the negative report if you:

• Demonstrate that you’ve completed financial education
• Are willing to pay part or all of the fees that you owe.

You may also have trouble opening an account for lack of proper documentation.  Most banks and credit unions will require one or more forms of picture identification in order to open a new account.  If you are unable to present this identification, then you may be turned down for an account.  Various forms of picture identification are issued by different federal and state government agencies.  Each has its own requirements that you must fulfill before it will give you an ID.  Learn what you need and get the proper identification and you are that much closer to having a bank account.