Many things can happen when you find yourself with poor credit. Sometimes you can find some institutions which will still extend credit, other times you cannot find any credit extensions at all. Many think that bank accounts and savings accounts are somehow linked to their lines of credit. This is not usually the case either. Just about the only time you may find yourself denied a checking or savings account is if you actually owe a financial institution money on one. This can happen if an account that has overdraft protection is allowed to slip on into the negative. This would mean that you actually owe the bank money. Sometimes you may not even realize that the money is owed and therefore you don't pay them back. This negative balance can make it next to impossible to open up another account with a different institution.

Some people are able to obtain a savings account when they have overdrawn bank accounts and bed credit, but not usually. The new laws enacted by homeland security have changed things quite a bit. Prior to the new law enactments most banks would not bother to perform credit or background checks on savings account applicants. However, after the recent events in U.S. history, new laws have been enacted; everyone has to undergo security clearance such as credit checks and criminal history checks. Therefore, if you owe money to a bank you may not be able to open a new savings account even at a new bank.

You can expect to need to pay the debt you owe first. You may need to search out debt accounts and unpaid balances previously owed. Once you have cleared your debt, then you can simply go to a new bank and see if they will allow you to open a new account with them. You may not be able to do this right away and even after a certain period of time has passed you may only be able to obtain a savings account. These savings accounts are limited. A minimum balance must be left in the account at all times and you can only withdraw money form the account either at the ATM or by speaking to a bank teller.

If you pay our debt and a bank refuses to give you bad credit bank accounts right away, they may do so after a certain period of time. This may be anywhere from six months to a year. They do this for their own protection, and to give you time to get your financial status in a better place. You may find some banks that will give you bad credit bank accounts right away, but you may have to try a few different banks before you find one. You may also want to look around online for policy, and even some banks that are online exclusively, and made for people who are looking for a second chance.