What is Fresh Start Checking?
As the name implies, Fresh Start Checking Accounts gives a “fresh” or a new beginning to anyone seeking a second chance at banking. These bank accounts are also known as Second Chance Checking Accounts. Due to the increased number of customers being reported to ChexSystems, some banks and credit unions have started offering a subprime version of their regular checking account.
Although Fresh Start Checking Accounts are intended for people with negative banking histories, it is important to keep in mind that these types of accounts are not guaranteed. Banks offering these accounts may still examine your ChexSystems report to check for any fraudulent activities.
Most Fresh Start Checking Accounts share common characteristics, such as:
- Minimum initial deposit
- Monthly service fees
- Accounts in good standings may be eligible for upgrades after some time has passed (6 months – 1 year)
Despite the fees, Fresh Start Checking Accounts still do come with all the same features of a regular checking account.
- Unlimited check writing
- Free check card
- Free online banking/billpay
- Free statements
- Free guides and resources
