Second Chance Checking Accounts

If a bank account has been closed with money owing, it is extremely difficult for an individual to get a new checking account. A report into ChexSystems can last for years, and during that time, it is extremely difficult for a person to obtain a checking account. Yes, there is the option for a prepaid debit cards, but it is unable to offer the same sort of benefits (in addition, the fees on these can be quite costly). Plus, having a bank account makes things like direct deposit substantially easier. Some banks have taken this fact into consideration, and decided to offer second chance checking accounts. What these accounts do is give an individual the opportunity to start a new checking account without the worry of being declined due to ChexSystems history. Here are some banks that are offering this easy and convenient service.

Wells Fargo (https://www.wellsfargo.com/jump/checking/opportunity): Wells Fargo offers the Opportunity checking package. At this time, one is not able to apply online, but can do so in the branch or over the phone. There are certain limitations on deposits (they cannot be made through the ATM and a customer is unable to get cash back on check deposits). At the same time, this is a traditional checking account, with a standard Wells Fargo Visa debit card and the opportunity to buy checks. After a certain amount of time remaining in good standing with the account, Wells Fargo will send out a letter offering an upgrade to a standard checking account. The required opening deposit is $100.00. Wells Fargo does specifically require that the bank that the depositor owes money to is not Wells Fargo.

BBVA Compass (http://www.bbvacompass.com/personal/checking/basic.cfm): Compass offers a second chance checking account for people who have been unable to open a checking account in the past. The minimum opening deposit is $25, there is no minimum balance. Online banking is free, and in addition a Visa Debit Card is offered.

Woodforest Bank (www.woodforest.com): Woodforest is another bank out there that offers a second chance checking account. With this account, there is free online banking with online bill pay. In addition, one gets a MasterCard debit card.

The website http://www.secondchancecheckingaccounts.info/ offers a list of banks separated state by state that offer checking accounts to individuals with negative reports in ChexSystems as well.

While these are only a couple of examples, there are other ways to possibly get a second chance checking account through another bank.

First of all, a lot of smaller local banks and credit unions do not use ChexSystems in order to open checking accounts. The only way to find out the specifics, though, is to inquire with bankers within branches.

In a lot of circumstances banks in supermarkets have signs advertising "no credit check checking account." Even if there is not a sign, it may be worth it to inquire, especially near the end of the month when a lot of branches need to get to their checking account quota.

Also, when going to a certain bank to cash a payroll check, it is worth it to ask the banker if something can be done. In some circumstances when direct deposit is set up with the same bank, the bank may be willing to open a checking account as a courtesy.

If all else fails, in a lot of circumstances a bank will offer a savings account to an individual who may not be eligible for whatever reason for a checking account. After a certain amount of time, and a good history, it may be possible to open a checking account.

So even with a bad history, opening a checking account is something that is substantially more difficult. Yet, it is possible to open something. Though it may take a little more tenacity, it is something that will hopefully only have to be done once.