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In the last few years many people have made poor financial decisions which have led to the closing of a bank or checking account.  Unfortunately, after this happens, it can be difficult to open a new checking account.  Some of those living in the Northeast may seek TD Bank second chance checking account alternatives.  It is important to note that at the present time TD Bank does not offer a second chance checking account.  If you have bad credit or have made poor financial decisions you will have to look elsewhere when it comes to a new checking account.

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What is a Second Chance Checking Account?

For anyone who has had a checking account for their entire adult career it is sometimes difficult to think how hard life can be without one.  If individuals have made bad financial decisions they could lose the luxuries of a checking account.  One of the quickest ways to do this is to overdraw an account repeatedly.  If you are constantly fighting a losing battle of taking out more funds than that in your bank account there is a possibility that you could lose this account.  Unfortunately, some of these individuals may have a very low income.  With the low income and a high amount of bills it is hard to pay all of these obligations.

Rather than assuming that there were no opportunities available it is always hard to do research.  When looking for second chance checking accounts remember that there are many available in each and every state.  In fact, there are usually several credit unions locally that can help with a second chance checking account.  When seeking alternatives to TD Bank make sure to keep an open mind.  Do not assume banks like Bank of America, Wells Fargo, J.P. Morgan Chase or Citigroup are the only options.

When looking to open a new checking account most financial institutions will use the ChexSystem.  Basically, this system checks to make certain that an individual will stay current with their checking account.  There are many more aspects of the system but I will not go into detail.  Just know that you want to pass this system to take out a new checking account.  If you fail to pass the ChexSystems you will likely need to seek a second chance checking account from a financial institution.

TD Bank Second Chance Checking Account Alternatives

At the present time TD Bank does not offer second chance checking accounts.  This is very important to remember when looking for a bank of choice.  Even though TD Bank does not offer these opportunities it does not mean they’re not out there.  I would strongly suggest doing plenty of research online to see what opportunities are available in your area.  TD Bank has a very strong presence in the Northeast. TD Bank has locations in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Vermont, Virginia, and Washington, D.C. If you’re in any of these states there are alternatives available.

Below is a list of some of the financial institutions that may be able to help when it comes to getting a second chance checking account:

  • Dollar Bank
  • FinTrust Bank
  • Philadelphia Federal Credit Union
  • National City Bank
  • PNC Bank

How Much Does a Second Chance Checking Account Cost?

Before assuming that a second chance checking account will be completely free it is important to do homework.  Most financial institutions charge for a second chance checking account.  With this in mind look for institutions or banks that have free second chance checking.  If you have been into WalMart location in the last several years of likely seen banks that offer second chance check.  In some parts of the country these are WoodForest National Bank locations. Do research on the WalMart banks in your area.

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Also note that some of the bank names you know maybe willing to offer bad credit products.  If you have made very poor financial decisions with bill payments in the last several years you may need to look for second chance checking account options.  This is very unfortunate as it will cost money down the road but at least you will be able to direct deposit paycheck.  It almost seems like second nature to most people to direct deposit paycheck so I can be very difficult when this option is not allowed.

It is also difficult to think about not being able to pay bills through a checking account.  Most people in the United States have some type of automatic withdrawal.  This is not available for individuals who have lost the ability to have a bank account.  Rather than going through a very stressful financial life it never hurts to address these problems quickly.  One way to address these problems is to pay all debts.

Paying off Bad Credit Personal Loans

One of the biggest issues when it comes to paying off debts is the interest rate that is applied.  There is often a very high interest rate applied to bad credit loans which makes it harder to pay off these debt obligations.  If you are currently paying on a credit card or loan with an interest rate about 20% it makes it very hard decrease the balance.  It never hurts to use a financial calculator to better understand ways to pay down debts.

If you have a bad credit loan from TD Bank, Wells Fargo, Citi or any other financial institution it never hurts to pay off a significant amount of the balance.  Rather than worrying about low credit interest rates it might be best to take advantage of budgeting and paying off high interest rate debts.  This has been proven to help those who want to get out of debt. Unfortunately, some Americans continue to worry about taking out more money to make purchases.

If you go out to eat multiple times a week you are likely spending too much money.  Simply writing down each and every dollar that is spent will help you better understand where your money is going.  Most people do not want to do this as it’s a hard pill to swallow.  Most smart phones have some type of app that will allow you to take notes.  Use these notetaking apps to document where money is going.  If you have an iPhone or an Android phone there are plenty of opportunities available.

In fact, Google Keep was recently released and it is very helpful to those looking to take notes easily.  Even if you go into a convenience store or gas station to make a chewing gum purchase it should be documented.  Although this is only a few dollars here and there they can add up very quickly.  When writing this number down you’ll recognize that sometimes you don’t need that $4 coffee.  There are likely many other opportunities in which you can get cheaper coffee.

Checking Accounts in Philadelphia, Pennsylvania

As I mentioned earlier TD Bank has a large presence in the Northeast.  If you are currently looking for a second chance checking account or a conventional checking account in Philadelphia, Pennsylvania there are a few options.  Take the time to use Google Maps or the FDIC search tool to find banks.  By finding multiple options most individuals will find that their financial life is much easier.

It never hurts to have multiple options when it comes to finances.  There are many American adults who have several checking accounts.  I would never suggest creating a half-dozen checking accounts but more than one is not a bad decision.  Below are some of the local towns and cities near Philadelphia Pennsylvania:

  • Camden, NJ
  • Gloucester City, NJ
  • Yeadon, PA
  • Collingswood, NJ
  • Darby, PA
  • Pennsauken, NJ
  • Lansdowne, PA
  • Audubon, NJ
  • Drexel Hill, PA
  • Bellmawr, NJ
  • Cherry Hill, NJ
  • Ardmore, PA
  • Haddonfield, NJ
  • Woodbury, NJ
  • Springfield, PA

If you live in one of these areas there is a good chance that you’ll be able to find a TD Bank location or another financial institution that offers checking accounts.  If you’re having trouble finding a financial institution that offers a checking account please feel free to comment below and I will help you find a bank.  You may also want to comment on my Google plus profile as I often check this social medium multiple times a day.

As with any major financial decision is always a good idea to sleep on the decision before this made.  Unfortunately, some people jump into the first offer and they miss out on opportunities to get better checking account.  Document the fees and costs that will come along with a second chance checking account before signing on the dotted line.  This will make one’s money decisions a little bit easier in the future.

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