Banks differ greatly between them as to what valid reasons are for closing an account. Banks and credit unions report incidents to ChexSystems to protect themselves and other banks in the future. Some of the features of a prepaid debit card account that are similar to checking account include:
- debit cards that can be used to make purchases and withdraw cash, safe storage for your money,
- online account access,
- online bill pay,
- electronic checks,
- direct deposit,
Another option for getting a checking account if you are on ChexSystems if use a prepaid debit card account. Most prepaid cards are FDIC insured and some even give interested on the money you have in the account. Another good thing about prepaid debit card accounts is that there is no minimal amount you have to keep in your account, which is the problem for most checking accounts. If you do an online search online you will find dozens of different options. Prepaid credit cards accounts have all the features of a checking account, but since most of them are online and dont require ChexSystems, they are much easier to get then a checking account.
There are many prepaid cards to choose from. This is because banks dont make money off checking accounts that is why they require you to have a minimal balance. Also, prepaid card accounts cannot be over drafted, because you can only spend the money in your account.
