Second Chance Checking Accounts are checking accounts developed by institutions for people who have struggled in the past and are maybe on Chexsystems or have a poor credit score. Typically second chance checking accounts aren’t quite as lenient as regular checking accounts and may have some downsides. For example, some second chance checking accounts charge a monthly fee and then restrict services.
Posts from ‘June, 2009’
Washington Post Overdraft Article
The Washington Post published an article (article can be found here) talking about the current bank fee situation. It addressed the fact that many banks are increasing fee amounts, adding new fees as well as requiring higher minimum balances on checking accounts. Banks are using fee income generated by checking accounts to help soften the blows taken from the down economy and the mortgage crisis. We created Probity Financial Services to give customers a way of having a checking account without funding the banks financial situation. We didn’t start with failing
Obama’s Financial Overhaul and Overdrafts
On Wednesday, President Obama release an 84 page document that goes over the aspects of his proposed “overhaul” of the financial system. On page 66 of this report he mentions future plans for overdraft protection.
Social Security Not So Safe
A recent decision by the California Supreme Court has overturned a ruling in the court case Miller v. Bank of America. It was decided that BofA lawfully used money from accounts containing Social Security deposits to recoup overdraft fees charged to the accounts. What does this mean for bank customers? In the past, banks have been eager to pass back fees taken out of accounts that receive Social Security deposits. If the bank was challenged…
Great Southpark Video
Found a great Southpark video on banks and investments. Take a look!