If you are unable to open a checking account because you are reported to chexsystems? You may be at a loss on what you are going to do to pay your bills? There are many alternatives other then getting removed from the chexsystems datebase and restoring your banking to paying your bills. Many people take for granted the benefits and advantages that a checking account affords them. It is easy to write checks and pay your bills online with automatic draft. If you find that you are unable to open a checking account you do have a few options available to you.
1.First you can look around at other banks and credit unions in your area. You may not qualify for the best account at the bank, but many banks may work with you by having you pay higher fees. You may be required to open a CD as collateral for your account. You should find a bank that will allow you to open a savings account. This will help you to build a relationship with the bank, which may open the door in a few years.
2.If you find that you cannot find a bank or credit union that will work with you, you will need to address the way that you pay your bills and mortgage. You may need to switch to money orders for some of your major bills. You should never send cash through the mail. You can purchase money orders through your bank, the post office or many other locations. When you pay this way be sure to include your account number on each money order. You should also keep a ledger at home that states the money order number and place that it was purchased and what bill it went towards in case it becomes lost in the mail.
3.This is an excellent time to switch to the envelope budgeting system. You should not resort to using credit cards. By switching to cash only you can begin to discipline yourself for when you are able to open an account again. The biggest advantage is that once your money is gone it is gone and there is no way to keep spending it. This does mean that you need to budget carefully.
4.Additionally, you may consider getting a prepaid credit card to make online purchases or to rent a car. These cards will not allow you to spend over the amount that you deposit on the card. You will pay a fee every time that you deposit money, but the convenience may outweigh the cost when you are in this type of financial situation.
5. Although these are some great options to getting around without having a bank account they are also somewhat costly and not always convenient. The best alternative is to be fully removed from the chexsystems database so you can restore your banking accounts and have access to a wide range of features.