Second chance checking accounts can be a great way for people with bad credit to get on their feet and enjoy the perks of having a checking account. If you have had a bank account closed on you and have owed money on that account, it can be very hard for you to be able to open another checking account any time in the near future. This is because these types of accounts are reported into the ChexSystems and other banks are privy to this information.
Most people don’t realize what a luxury having a checking account is until they can no longer get one. All hope is not lost though as there are banks that offer second chance checking accounts to people who have bad credit and have had an account closed on them in the past. These types of accounts don’t always have the same perks as a free checking, but it gives a person the opportunity to establish a good record with a bank so that they can once again get a normal checking account.
Banks that Offer Second Chance Checking Accounts
Not every bank offers this type of account to people. You will find that most local, smaller banks will not offer a second chance account as they just don’t have the customer base and financial reasoning to do so. Fortunately, there are several bigger, well-known banks that offer these checking accounts to people and the nice thing is that most of them offer inline banking and applications so you can apply from the luxury of your home.
Some of the more well-know banks that offer second chance checking accounts include:
- Wells Fargo
- Compass Bank
- USAA
- US Bank
You should be sure to inquire about a second chance checking account with these banks before you apply just to double check that they are still offering these types of accounts.
Finding a Bank that Offers Second Chance Checking Accounts
If you don’t want to apply online for a checking account or you would rather deal with a local bank, there may be a way for you to still get a checking account even with a bad report in ChexSystems. If you visit most of the banks in grocery stores you may see a sign that reads “No Credit Check Bank Account.” This is a good indication that they are willing to work with people who may have bad credit or they don’t use the ChexSystem before they approve accounts.
Another way you may be able to get a checking account is to call your local banks and simply tell them about your situation and see what they can do for. If you have a job that has direct deposit a lot of the time banks will instantly approve you if you agree to do direct deposit to your checking account. This is because they know that you will have money coming in every so often from your employment. This may be a good option to even avoid second chance checking accounts and get a regular, free checking account.
Second chance checking accounts definitely have their drawbacks such as higher fees and less interest, but they can be a good way to get the opportunity to have a checking account after messing up your previous one. After a few months of having the account you can always ask to be upgraded to a normal checking account so that you can enjoy the perks even more.