More Thoughts On Bankrupt Bank Account

Jul 6th, 2014 | By | Category: Guide

An increasing number of people are being denies access to basic accounts just as they have gone through bankruptcy, as per a recently published newspaper report. However, there are no legal reasons to impose such restrictions imposed on the bankrupt people to restart their lives and career. A bankrupt person may not be permitted by the commercial banks to initiate a savings account with additional facilities like credit card and overdraft. But the person has a number of options to avail facilities like cheque books and cash cards by opening a basic account. If you have been through bankruptcy, you can explore various options that allow opening bank accounts for bankrupts.

Do Some Initial Research: After going bankrupt, you’ll find it challenging to establish a bank account. If you’ll directly apply to the banks, they’ll simply turn down your account opening request. Therefore, you have to spend some time in gathering information about how to open bank accounts for bankrupts. You can find many online articles and blogs written by experienced financial consultants. The online sources can assist you in understanding the character and types of no credit check bank account that can be opened by a bankrupt person.

And, on another note…

Compare the Facilities Available for Bankrupt Bank Accounts: You can simply initiate a web search to find the websites offering basic and business bank accounts to the people who’ve gone bankrupt. Most of these websites carry detailed information about the kind of bank accounts available for bankrupts along with the facilities. The facilities offered to a bankrupt account holder vary from one bank to another. Some banks even require the account holder to pay fees for specific transactions. Once you shortlist the banks offering bank accounts for bankrupts, you must compare the facilities and fees structure of individual banks.

Traditional banks have known to offer basic bank accounts for bankrupts with great difficulty. For those for which they would open these accounts they wouldn’t attach any of the normal facilities found in regular bank accounts.

These bank accounts come with MasterCard facility, where you can then use the card in ATMs for withdrawing money or else even go cashless shopping in the retail outlets or on line.

Understand the Account Opening Procedure: Similar to the normal customers, a bankrupt person also has to complete the account opening form, and submit the same along with required documentation. There are a number of websites that enable customers to apply online to open guaranteed bank accounts. The website allows users to run the relevant information by filling in a comprehensive form. The online form will invite you to submit both personal and professional information, including date of birth, mailing address,, your name, and social welfare or driving license number. You can likewise find the options to select the type of bank account.

Comply with the Rules set by the Bank: The online account opening form will further ask you to agree to the terms and condition set by the bank. You have to click on the check boxes to agree to the terms and conditions. However, you must click on the hyperlink and read the terms thoroughly to understand the advantages and disadvantages of using the no credit check bank account. Some of the websites also share the numbers of banking specialists to clear their clients’ doubts and questions. If you have any doubt about the account opening process or terms and conditions, it is appropriate to contact the specialist before submitting your personal and professional details.


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