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ChexSystems Solutions - Second Chance Checking Banks

Second Chance Checking Account – Question Checklist

If you have experienced problems in the past with your checking account then you should explore what is available to you when it comes to 2nd chance bank accounts. These bank accounts as they state offer you a second chance and will help to restore your privileges regarding check writing.

Who are 2nd chance bank accounts suitable for? They are suitable for those individuals who have had problems and issues in opening regular checking accounts because they have blemished banking histories and have ended up with reports either in the ChexSystem or the Telecheck system. Bear in mind though that individuals with reports in either of these agencies are considered high risk customers by financial institutions.

If you have been listed by your financial institution into the databases of either one of those agencies and you have been turned down for a checking account because of this then the most effective course of action for you would be to apply for a second chance checking account. These 2nd chance bank accounts can allow you to conduct the banking services you need to do and can help to restore your bank record to the positive.

How to Get a Second Chance at Banking

To find a 2nd chance bank account that is right for your needs will take some research and some legwork on your part. Visit the banks and credit unions in your area and find out if they offer 2nd chance checking accounts to those who have records in the Chexsystems or Telecheck. While it may be embarrassing to admit that you have such a record hold your head up high and make a valiant effort to improve your current situation.

It is wise to start with the local financial institutions in your area because you get to talk face-to-face and one-on-one with the banking officer and by so doing you can explain your present set of circumstances and how you got to be in them. When you deal locally with financial services there is less of a worry that you will be scammed, as compared with if you deal online with a bank that you are unfamiliar with.

If after an exhaustive search in your community you cannot find a bank or credit union that offers 2nd chance bank accounts to consumers then you must take your search online. There are some banks that have presences in the physical world as well as online while there are other banks that operate solely online.

Not all online banks that have second chance accounts offer the exact same services to their customers. There are some financial websites that will offer you a prepaid debit card as opposed to a checking account while others may match you with banks that offer these types of accounts and then once found will forward the relevant information to them about you.

Whether you find a 2nd chance account online or off take the time to do your homework on the financial institution that you are looking at. Place a call to the consumer protection agency in your state to find out if any complaints have ever been filed against the bank or credit union. You can also look online for consumer reports with ratings and customer complaints. Some people are more than willing to provide others with their comments, complaints and stories of experiences with various financial entities. You want to learn from reliable sources what the reputation of the bank is before you decide to do business with them.

You can apply for a second chance online if applicable or you can visit a local branch of the bank.  Most financial institutions have a minimum required deposit for opening a new account. It is important to find out what privileges come with the account and what limitations are placed upon it before you open it. Follow the rules when it comes to getting a debit card and ordering checks.

Before you apply for a second chance checking account, make sure to do some research on the service.  Ask questions and get all the facts upfront, so you’re not caught off-guard or end up paying any unnecessary fees.

Here is our checklist of recommended questions:

  • Is there a minimum deposit requirement?
  • Is there a minimum balance requirement?
  • What are the monthly fees and are there ways to avoid them?
  • Are there fees for using the ATM or debit card?
  • Is the bank account FDIC-insured?
  • What are the deposit methods and is it right for me?
  • Are there any special restrictions on the account (such as maximum daily withdraws or check holds)?

These questions can also apply to regular checking accounts.

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