Second Chance Bank Account
A bank account offers many financial conveniences, including: writing and depositing checks, paying bills online, making purchases
online, as well as and access to loans and credit cards. In contrast to a traditional bank account, a second chance bank account is
designed for subprime consumers. A subprime
consumer is someone who's been denied access to a traditional account for one or more of the following reasons: depositing fraudulent
checks, multiple over draft charges, insufficient balances, or any suspicious activity.
Question: How do banks determine approval?
Answer: The banking industry uses two different reporting bureaus:
ChexSystems and Telecheck. Both organizations track your banking activity- much like Experian, TransUnion, and Equifax track your
credit history. Each report submitted to ChexSystems remains on file for five years. It's important to note that ChexSystems does not
approve or decline accounts. The decision depends on the policies of each individual banking institution.
If you've been denied from opening a traditional bank account (from a bank like Chase or Wells Fargo) it's a good idea to find out what's on your banking report.
Order your ChexSystems report
If you've been denied by traditional banks, there are alternative
options available to you. A second chance account is a great way to access all of the typical banking conveniences and repair your account history as well.
Benefits Include:
No minimum bank account balance
No interview with a personal banker
No credit check required
No Chexsystems checks
Some institutions offer Visa/Mastercard debit cards, ATM card, and a limited number of checks
Apply online for your second chance bank account.