Are you in need of a second chance bank account? You may have made some mistakes in your past, or simply been unlucky enough to have faced a hardship that landed you in financial hot water. No matter what the reason is, if you are reading this then you are probably feeling some sense of urgency. Here is some helpful advice to help get you started.
Not all banks and credit unions offer second chance bank accounts even though the concept behind them seems attractive. In fact, many banks simply charge a myriad of fees, making climbing out of the financial rut virtually impossible. That is why we have compiled the top second chance bank accounts listed below to help get your financial life back on track. Simply follow the guidelines listed here, and you should be able to enjoy a checking account with little to no hassle.
The very first thing you should do is look into traditional bank account options. A traditional bank account allows you to withdraw funds as needed, whereas a debit card or electronic check does not. If you are looking for a more comprehensive banking services, then consider getting a savings account with a traditional bank that will allow you to earn interest on money deposited, as well as debit cards or electronic checks.
Next, you should consider prepaid debit cards and electronic checks. If you are currently struggling with finding a place to put money aside each month, consider getting one or two of these. They are similar to traditional bank accounts except you don't have to deposit your money in order to use it. The nice thing about these second chance bank accounts is that you can get a debit card for practically any major purchase you make during the month. There are many banks that offer this type of service but some do not offer all the services.
It is important to remember that with second chance bank accounts you may not be able to open an account with a specific bank. You can try to check with the ChexSystems or other banking services. These companies exist so people can be checked when their money goes missing. However, since these accounts are more of a safety net for most people, the majority of banks will not work with them.
Another option is opening a second chance checking account with a local credit union. They usually offer better interest rates and fees than a bank would. When opening an account you should always check with the institution. There are often fees associated with these accounts and you should make sure you understand what these fees are before signing anything. Be sure to also talk with your local credit union to find out if they do not charge extra fees for online access. You might even find some that have no fees at all for online transactions.
One thing to keep in mind is that some banks will not allow second chance banking services for people with past debt. Wells Fargo for example does not allow second chance banking for people with bad credit. If you are planning to use a Wells Fargo Bank, you should know whether or not your current situation will qualify you for a no credit check or non-sufficient funds account.
Some of these banks will also require you to have a certain amount of money in your checking or savings account. You should find out exactly what the requirements are for you financial institution before signing up for any account. These fees are usually very low and you might even be able to have a debit card that works around these fees. This way you would still be able to take advantage of online banking and ATM machines, though you wouldn't be able to spend money from your checking account. There are other banks out there that allow you to do both, but they may be a bit more expensive.