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By Susan Willis

In this shaky economy, banks still need to get new customers and there are thousands of banks vying for your business right now. Similarly, most average citizens still need a bank account just to be able to make their way in todays world: we need ATM access, we have to be able to write checks, and we prefer to pay bills and check our bank balances online.

If you are looking to open a new checking account, you have a lot of needs, including:

1. You need the bank to be FDIC-insured, meaning that if the bank were to go out of business, you would still be able to get the full amount of your current balance paid back to you. Lets face it the main reason we put our money into banks is for an added measure of financial security.

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2. You need to be able to access your cash from anywhere, via a readily-available ATM network. And, you dont want to be charged a fee by your bank for using another banks ATM machines.

3. You need your bank to offer an online banking option. This means that you would like to be able to access your account balance, make balance transfers, and pay your bills from any place that has an Internet connection. This is just something that most of us have come to expect from our banks, in this day and age.

4. Of course, in order to have a bank account, you need your bank to accept your application in the first place. This sounds obvious, but it is actually a real concern for many people whose new account applications have been rejected by one or more banks recently. If this has been happening to you, your name may have been reported to something called Chex Systems. This is simply a database that many banks use to determine whether someone might be a risk to the bank if they were to become a new checking account customer. Bottom line: if your name appears in Chex Systems, these banks will reject your application outright.

In addition to these needs, many people also have a few wants vis–vis their new account. One of the most prominent of these wants is to have a no-initial-deposit online checking account. If this describes you, you want a new checking account that you can apply for online but that does not require that you make an initial deposit to apply for your account.

There are some banks that meet all of these conditions both the needs and the wants listed above. The reason it is hard to find such banks that seem almost too good to be true is that the banks with the loudest voices those multiple-billion dollar banks hat spend the most money each year on advertising are the ones you tend to hear about first and most often instead.

Truth is, by doing just a bit more research, you can find the bank of your dreams that is FDIC-insured, offers nationwide ATM access, has online banking, does not refer to Chex Systems when considering your application, and does not require an initial deposit to open the account. Do your research and dont give up you will find the right bank that offers the checking account you have been looking for.

About the Author: Heres a no-initial-deposit online checking account that will never charge you overdraft fees ever:

escape-overdraft-fees.com/

.

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isnare.com

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By Sean A. Kelly

In this current financial atmosphere where jobs are hard to find and the mountain of debts seem to be growing uncontrollably, every once in a while you may hear about matters that become bigger than ourselves like burden of debts. The need for taking drastic step like filing for bankruptcy may be the only way out. Bankruptcy is just not all about liquidation of your assets which is comes under chapter 7. In contrast to it, there is Chapter 13 of bankruptcy where your assets won’t be liquidated to pay your debts rather it works on the same line as seeking debt consolidation and credit counseling but with the intervention of the court. To avail bankruptcy under chapter 13 you need to fulfill some conditions by law. Jones story will help you to better understand all about it. To alleviate the burden he filed for credit card bankruptcy, one of the options in the Freedom Debt Relief program.

Jones had a whopping $34000 credit card debt and a medical condition which was taking in a good proportion out of his income. He had been out of a job for more than 6 months and this was one of the major factors responsible for his deteriorating financial condition as he was living on plastic entirely during those jobless months. He did find a job later but the damage was too big to get hold of by then. He was recommended to file for chapter 13 bankruptcies by his consultants.

Personally Jones was not ready to file for bankruptcy due to the stigma that is attached to it. He had some common misconceptions about bankruptcy like losing everything he had and starting with a cardboard box, fears like everyone will know about his financial struggle and also that he will never be able to apply for credit card again. After seeking consultation he was able to deal with his fears.

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Bankruptcy option like chapter 13 allows you to keep all your property and there is no liquidation of your assets, rather it is called a reorganization bankruptcy, your counseling agency which organizes your debts to be paid over a period of 3 to 5 years. Jones another concern of not being able to ever get a credit was addressed when his consultants told him it won’t be long before you start getting offers though it will be at a high rate to start with.

So what is bankruptcy under Chapter 13? When your consultant advises you to file for bankruptcy under Chapter 13 of the Bankruptcy Code, the aim is to get the opportunity to repay some or all of the debts on better terms, i.e. lower or no interest, a stark contrast to bankruptcy under Chapter 7 where your debts and property are placed in the hands of the court and liquidated to pay your creditors, this type of bankruptcy is often referred to as liquidation bankruptcy.

So how does one qualify for chapter 13? You’ll have to prove to the court that you can afford to meet your payment obligations. Therefore, having a regular income is one of the major criteria to qualify but if your income is irregular or an income which is too low, the court might not allow you to file for Chapter 13. Again, the amount owed by you should not exceed $336,900. Before you can file for chapter 13 bankruptcies, you must receive credit counseling from an agency approved by the United States Trustee’s office.

The most important part of chapter 13 is the repayment plan. Your attorney will prepare new repayment plan with help from your credit consultants to best suit your situation. As per the law, the creditors are required to adhere to the repayment plan once it is approved by the court.

So if you are buried in debt and there are no better solutions to change your situation ask your credit consultants more about Chapter 13 bankruptcy, it is there for a reason!

About the Author: Freedom Debt Relief

Source: isnare.com

Permanent Link: isnare.com/?aid=698969&ca=Finances