TransUnion, Equifax and Experian are the three credit bureaus that everyone is familiar with. Did you know that there are also credit bureaus for checks? If you bounced a check or used an overdraft on your checking account, you are in their database. All of the major banks regularly report information to these check bureaus; the largest of which are ChexSystems and Early Warning. Once a bank sees your information from the check bureau it is up to the bank to decide what to do with it. Every bank has a policy that will determine if they say yes or no to opening a checking account for you.
Millions of working people have been black listed because of past mistakes of thirty or forty dollars, even after paying the check amount, interest and fees. A checking account is a necessity today. Most employers and all government benefits require direct deposit. If you have a checking account, try to imagine what it would be like driving around and paying all of your utilities and household expenses in person at the end of the month. The fees you would pay to cash your check, get money orders and wiring money could eat up a substantial portion of your pay.
If you have been denied a checking account at one of the big banks, try one of the smaller banks or a credit union. They are more interested in getting new customers and do not subscribe to the check bureaus. They may not have all the convenient locations, but with direct deposit and a debit card you may never need to visit the actual bank again.