Bad Credit Channel

The Get Checking Program is a nonprofit program that offers consumers the opportunity to open checking accounts with participating financial institutions. The program requires participants to enroll and attend a 6-hour class designed to educated individuals who have been locked out of bank accounts due to NSF (Non-Sufficient Funds) reported to ChexSystems by their former bank.

Many individuals find it impossible to open a new bank account once they are reported to ChexSystems. This program offered consumers a legitimate second chance, an opportunity make things right and have access to a much needed banking account. All that was required was to order a ChexSysems report, pay back any funds owed to the former bank, and attend the class.  Those who successfully completed the class were given diplomas that can be used at participating banks to open new accounts.

This was truly an innovative program that was doing a lot of good in communities.  But something is wrong… I recently visited the site and it says that the organization has closed for business as of January1, 2009.  How sad. I can only assume that they lost funding from the banks that previously sponsored them.

My only consolation is this, I really don’t like banks.  I think they take advantage of people, especially those who don’t have much money.  The fees charged are outrageous.  I often recommend that people consider getting AccountNow rather than opening up a new bank account.

With AccountNow you can do most everything you can do with a bank account (i.e. paycheck direct deposit, write checks online, online bill pay, have a Mastercard that works just like a checkcard,  access to cheap transfers and your money is FDIC insured).

The only thing you WON’T be able to do with AccountNow is rack up those nasty insufficient fund fees banks like to charge for going over by even one penny.  I once got hit by three $35 insufficient fund fees (also known as overdraft fees) because my bank decided to pay three charges that were each under $1.  Here’s what I don’t get, how do they know when to cut off a credit card that has reached it’s limit, but can’t cut off a check card that has spent more than the account balance? Seems to me like this is done on purpose.  What do you think?
(PS – The Get Checking website says that the organization plans to reorganize as the Checking Network USA.  I will monitor this and try to get some information directly from the board of directors.  Do stay tuned.)

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