What Should I Do If I Can’t Get A Bank Account

A bank account is a necessity for most of us in the modern world, but gaining access to one is not always a piece of cake, and you might need to consider other options.

Being qualified for a checking account sounds easy but is not necessarily an easy option for everyone. If your behavior checks show anything that the bank does not approve of, they might deny you the bank account. 


Of course, being denied a bank account can be extremely frustrating for most people. After all, a bank account is one of the most basic and essential needs for anyone out there.  


Why Are You Being Denied A Bank Account? 


One of the main reasons why a bank can deny you a bank account is that you have poor credit. Even if you don’t currently owe anything to any entity, and don’t really have any credit piled on you, if your credit score does not sit right with the bank in question, there is a chance that they will deny you a bank account.  


Furthermore, if you have ever overdrawn your account or held any violations against previous banks that can be tracked by systems such as the Chexsystems report. There could be grounds for denying you a proper bank account. 


Other than that, if any previous banks have listed you as a risky customer, it could also be a reason why you have been denied by a bank. There are limited other options that you can make use of if you do not have a proper bank account. The two main options include having a second chance account and owning a prepaid debit card. Keep reading to learn more about these options. 


Second Chance Account 


Many banks have the option of a second-chance account. A second-chance account functions pretty much exactly like a traditional bank account, except the restrictions on these accounts are much stricter. 


You often have to pay higher monthly fees compared to those that traditional account holders do. Other than that, you might also have to maintain a larger bank balance than traditional account holders to continue the ownership of your account.  


Of course, many banks also have the option to switch to a regular account if you have been able to successfully maintain your second-chance account. Make sure you read the guidelines to know exactly what you can do to switch to a regular account eventually. 


Prepaid Debit Cards 


A prepaid debit card is also a good option if you have been denied a bank account. Prepaid cards function on a very simple rule: You load money into the card prior to using it, and then you can use it instead of cash wherever you want. 


Unlike a bank account, though, prepaid cards don’t really help with a credit score. If you want to improve your credit score at any point, you will have to try for a bank account once again.  


Final Notes 


The ideal scenario when it comes to finances is always to have a regular bank account at your disposal. Sometimes it seems a little challenging to achieve this, and there are alternatives you can use before you qualify for an account again.  

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