NewBankAccount.net Review
What You Need to Know About NewBankAccount.net Second Chance Checking Account

Second Chance Checking | NewBankAccount.net Second Chance Checking Review

One of the most popular offers being advertised in the second chance checking world is newbankaccount.net. This service is made available on most web sites and is by far one of the worst second chance checking opportunities available! This service is Not Recommended.

Here is what you need to know about the newbankaccount.net second chance checking offer.

During our newbankaccount.net review, the first thing we noticed is that newbankaccount.net is not a bank or associated with a bank. This is a private owned financial matching services owned by Icon Resources and they are collecting information to provide you with checking opportunities that end up being nothing more than overpriced prepaid credit cards through TriCentury Bank and Espree. Neither of the accounts offer check writing privileges and are expensive (Tricentury Fees and Espree Fees - links open in new window/tab). To make matters worse, you pay fee for them to fill out your application and they end up making money again through affiliate referral commission when approved.

When you arrive at the newbankaccount.net site you are promised a guaranteed second chance checking account that offers 100% approval regardless of your ChexSystems status and that no credit check is required and you get asked for information such as name, email and if your job offers direct deposit and if you have other bank accounts.

Your then directed to another page asking for more information. This information includes birthday, employer, social security number, etc. This is where this gets dangerous. You see, your providing this information to a matching service and not a bank or other financial institution and this service can then share your information with whomever they want or worse use it themselves for fraudulent activity. Now, I am not accusing them of being thieves or fraudsters, but it could very well happen.

One of the things we noticed during our newbankaccount.net review was the terms of service states that "We are a financial matching service - matching individuals with prospective account products. In order to get you approved, your information may be placed with more than one Bank. We are not a financial institution. We will review your information and in our sole discretion, may submit your Application to one or more Banks for acceptance."

What you need to look at is that statement bolded above - in our sole discretion, may submit your Application. So what they are saying is that it is totally up to them to decide if they will submit your application. So basically, they will take your fee and personal information and then decide if your eligible for them to take the time and submit your application. See what is happening here? They definitely take your money, but not so sure about them completing the application or submitting the application for you.

Our newbankaccount.net review found that this service is definitely something you should be wary of as well as any site that promotes this service. Unfortunately, we supported and promoted this service for a while and was not aware of what was happening until we read a review on another site and then investigated further and ultimately decided that we did not want to align ourselves with a business such as this. For those who may have signed up through this site, we apologize for the problems.

If your looking for a checking account, stay away from the New Bank Account scam and check our directory of banks offering second chance checking here or if you want a solid alternative bank check out the Upside prepaid.

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