For people with past issues affecting their current ability to open a checking account, second …
Need a Bank Account but have Bad CreditYou need a bank account, but you have bad credit.
Do you need a commercial bank account but have bad credit?
Secure corporate accountsMany commercial banking institutions provide current account facilities for new companies or bad credit with large down payments. That makes the account a secure one. Usually, the bank will require a minimum of $500 in deposits. As soon as you keep your account in good repute for a year, the bank will transform it into a default current account.
Often one benefit is that you can still setup merchants when you need things like credit cards processed. Disadvantage is that you may end up having to pay higher charges for these kinds of deposits and have restricted ability to write checks. Using a basic web research you can often find a bank that specializes in second chances bank account available for corporate use.
Such an account usually gives you a credit voucher and no write access to checks. You should read the conditions before setting up any of these account. Often a second chances account is not converted to a default account, and it may not provide creditcard processing for your company.
If you have a bad credit but already have an established bank account, look at a double taxation agreement or a DoingBusinessas account. Those account are more dependent on your personally identifiable information than your transaction status. They' re calculated on your social security number. Disadvantage of these account is that at fiscal times it can be hard to specify your expenditures because you can also use them as such.
There are a number of websites that deal with on-line credit processing. Websites like PayPal give you the advantage of being able to accept credit or debit cards and provide you with a credit or debit with your account as long as you can check your ID. In general, these pages do not carry out any credit checks in order to create the account.
Disadvantages of this type of account are that you will not have typing skills and the websites may restrict the type of product you can offer for sale.