Having trouble opening an account at a traditional bank? Check out these alternatives.
While it may come as a surprise that the banking industry even has alternatives, that’s exactly what you meaning of the term “ alternative banking.” Needing an alternative banking option happens more often than you might think; here are some common reasons why.
You’re Active Duty Military
If you’re currently active duty or you’re a veteran, finding a bank to suit your needs can be difficult. Traditional banks can require a lot of documentation, including a social security number, which is an issue for military members or veterans who are unable to get a social security card. The Office of the Comptroller of the Currency (OCC) has set up the Operation Choke Point to combat processing limitations for active and former military members, but it’s still an issue that many military members face.
You Don’t Have Good Credit History
If you have a subpar credit score, it may be difficult to open an account. Banks generally will not allow you to make your credit score any worse, so they