How to Get a Second Chance Checking Account

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If you’ve had outstanding debts, overdrafts, or other banking problems in the past that led to the closure of your checking account, it may be difficult to establish a new account. However, gaining an understanding of your situation and realizing that there are checking accounts designed for people in your situation can help put you back on top of things. If you discover yourself during this position, you’ll want to ascertain whether you’ll get a “second-chance” bank account.

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What Are Second-Chance Checking Accounts?

If you’ve been turned down for a bank account, you’ll still qualify surely checking accounts called second-chance accounts.

In general, you’ve got to pay a monthly fee to take care of one among these accounts, but you’ll be ready to waive the fee by meeting certain criteria. Over time, you’ll be ready to graduate to a fee-free bank account at an equivalent banking institution (or another one).

Deciding to Open a Second-Chance bank account

Understand the restrictions. Second-chance checking accounts are burdened with certain limitations on the account holder. These may include:

  • Fewer conveniences
  • A lower spending limit
  • a better (and unavoidable) monthly fee
  • a better initial deposit
  • No overdraft protection
  • Mandatory direct monthly deposit of funds

Locating a Second-Chance bank account

Open an account with an area bank. Explore the websites of banks and credit unions that you simply are already conversant in to seek out if they provide second-chance checking accounts. Many major financial institutions offer these accounts to potential customers with bad credit or with other banking problems, often with minimal fees. Read the institution’s checking FAQ’s, and use the search terms “second chance” or “opportunity” to locate personal checking accounts which will be right for you. Call the bank’s customer-service number if you’re unable to seek out the knowledge on the website.

  • Many banks, however, don’t offer this sort of account or may charge high fees. Try checking with local credit unions.
  • Major banks may offer these accounts with relatively good terms. For instance, check out Wells Fargo’s Opportunity bank account, Bank of America’s Safe Balance account, or PNC’s Foundation Checking.
  • If you cannot find any banks offering second-chance accounts on the brink of you, your community may have a program which will assist you. Many localities have a Bank On program that works with local banks to supply this sort of account. Search online to ascertain if your area has such a program.

Opening Your Account

Stay within the bank’s good graces. Watch your balance, and confirm that it never dips below the minimum requirement. Avoid overdrafts by brooding about your balance before each payment or purchase. Pay fully any fees you’re charged as soon as you’ll. Only by being an honest customer and staying on top of your account are you able to rebuild your good reputation with the banking industry.

Immediately contact the bank if you notice any suspicious activity in your account.


  • Some websites that appear to supply a second-chance bank account are literally just providing — for a fee –the name of a bank which will accept second-chance account applications. Know exactly what you’re paying for before you submit a payment.
How to Get a Second Chance Checking Account

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