Alaska second chance banks can help address the unbanked problem in the state.
According to a 2019 study by the FDIC one group likely to be unbanked and underbanked compared to the population as a whole are American Indian/Alaskan households.
The study showed American Indian or Alaska Native communities had the highest rates of unbanked households, at 16.3%. It’s estimated the unbanked can pay from 1-10% of salary for check cashing services – not to mention how prepaid debit card fees add up.
There’s no reason to keep losing money to conduct daily financial transactions. Check out our list of second chance checking accounts in Alaska. Many second chance bank accounts run a ChexSystems report.
If your ChexSystems record has unpaid debt, consider options at banks that don’t use ChexSystems or bank accounts for bad credit.
Second chance checking accounts in Alaska
OneUnited Bank
OneUnited Bank’s Online Checking Account is available to people in ALL STATES. We like OneUnited Bank because customers can add cash to the OneUnited Bank Debit Card at over 90,000 locations across the country through a partnership with Green Dot®.
OneUnited Bank offers the Black Wall Street Checking account with no monthly fee. However, if you don’t qualify, they offer the U2 E-Checking Account specifically designed for bad credit.
To get started go to the “Get the Card” button, enter your name, email address and cell phone number. Choose the Black Wall Street Checking account option along with the opening deposit ($25.00 minimum), then complete your identification details (name, address, SSN, and employer).
Black Wall Street Checking Account Features
- Minimum opening deposit of $25 (can be funded with a credit card).
- No monthly fee.
- Get paid up to 2 days early with early direct deposit.
- Free Online & Mobile Banking.
- Obtain Cash, Surcharge Free at Over 35,000 ATMs Nationwide.
- Deposit checks through the mobile app.
- Free Bill Pay
- OneUnited also offers a secured credit card that reports to the major credit bureaus.
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MAC Federal Credit Union
A ChexSystems report will be pulled but as long as the item is paid and does not indicate fraud, you will be able to open a checking account. If you only want a savings account a ChexSystems report will not be pulled. They also offer other financial products such as loans and credit cards.
Matanuska Valley Federal Credit Union
Matanuska Valley Credit Union does use ChexSystems but will open an account under certain circumstances: (1) Fraud must not be reported and the reporting bank must be paid.
Mt. Mckinley Bank
Mt. Mckinley Bank allows customers who have a ChexSystems report to open a savings account only. No debit card will be issued.
Spirit of Alaska Federal Credit Union
A ChexSystems report will be pulled but if the report indicates the item is paid and is not fraud, you will be able to open a savings account. A supervisor may approve you for the checking account once your ChexSystems report is approved.
True North Federal Credit Union
True North Federal Credit Union in Alaska offers a True Options Checking account even though a credit report and ChexSystems report will be pulled. The monthly fee is $10 and there is no minimum balance required.
How ChexSystems records can be disputed
A negative ChexSystems record can remain for 5 years unless you successfully dispute ChexSystems to get it deleted. Consumers with EWS records have to wait 7 years for removal unless an EWS dispute is successful.
Typically you can request a free copy of your ChexSystems report once every 12 months or when you’re denied opening a bank account.
You can view your ChexSystems report online by completing a request.
If you believe that a negative item was reported in error, contact ChexSystems to initiate the dispute process. Under the Fair Credit Reporting Act, ChexSystems has a duty to investigate disputes and correct or remove inaccurate information, usually within 30 days.
You can improve both your ChexSystems and EWS reports over time by avoiding any problems with your bank account.
Whether you choose a bank or credit union, Alaska residents have several choices for non-ChexSystems banks in Alaska. Take the time to build a solid banking relationship that will help you grow your money while maintaining a safe place to conduct daily expense transactions.
