Second Chance Checking Accounts
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Second Chance Checking - What You Need to Know
Second chance checking accounts are one of the most sought after financial products today. Our current economic situation has millions of consumers un-banked and struggling to manage their finances. If you have been reported to ChexSystems and/or Early Warning Services and are looking for a bank or credit union that will work with you, you are in luck.
Banks and credit unions are finding ways to work with consumers who have a bad or blemished banking history and are starting to offer second chance checking accounts. For the most part these accounts are just like the regular checking accounts, but some do come with limitations and more or higher fees. However, most will allow you to convert your 2nd chance checking account to a regular or prime account once you have managed your account properly for a certain period of time (usually 1 year).
Approval is Not Guaranteed - You should understand that while these banks and credit unions are offering second chance checking accounts, your approval is not guaranteed. In fact, these banks will pull a ChexSystems, Early Warning Services or credit report or a combination of one or all of these in order to make a decision on giving you a checking account. You could be denied for any reason, but the most popular declination reason is owing money to banks and fraud. So, you should make sure all owed has been paid and that you know what your report(s) say about you to save you some embarrassment and give you the chance to close any issues still open.
Guaranteed Options - Yes, there are guaranteed options when it comes to second chance checking and these options are prepaid debit cards. While most people would turn their nose up, you should know that their are some very affordable and solid prepaid offers available and you should consider getting a prepaid debit card to help manage your finances until you get an account. If your suspected or convicted of fraud, prepaid debit cards are your only hope until the waiting period is up (five years for ChexSystems and seven years for EWS).
The best prepaid option is the Ready Debit Card. The monthly fee of $9.95/mo is lower than most banks and credit unions (especially the ones offering second chance checking) and they offer online bill pay at no additional charge. Get more info and apply here (link opens in a new window).
Directory of Second Chance Checking Banks - If your looking for a reliable resource for second chance checking accounts, you should check out getbankingtoday.com for a free state by state directory of local banks and credit unions offering second chance checking. Click here to get more info
Make sure you know where you stand before you apply, since being denied can further damage your ChexSystems and Early Warning Services reports.
Non ChexSystems Banks - Second Chance Checking
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