What Are The Best Second Chance Checking Accounts?

Having a place to put your money is very important. If you have it in a safe place, insurance can cover if anything happens to the bank where your money is, it is easier to save money when it is sitting in an account, and you can even make interest on money when it is in an account at a trustworthy bank. However, not everyone can get a bank account. About 10 million people in America do not have their money in a bank. There are various reasons for this. People may have had many overdraft fees with a past bank that were not paid, or they failed to keep a minimum balance in a savings account. Whatever the reason is, it can land you on a list that warns other banks that you are not a good customer, and allowing you to bank with them can be risky. Thankfully, there are a lot of banks that allow people a second chance to bank with them. These are called second chance bank accounts, and they help people rebuild their credit and their financial and banking status.

These second chance checking accounts are a little different from regular checking accounts. This is because the bank is taking a risk by allowing you to have an account with them based on your banking and financial history. These accounts will most likely have monthly fees that regular checking accounts do not have. They also may require you to participate in a money management class. With this type of account, you may not be able to get overdraft protection because this account serves as a way to prevent overdrawing an account in the first place.

There are many different places where you can get a second chance checking account. Some major banks offer them, and each one differs from the next. One of the banks that offer a second chance checking account is Wells Fargo. It is called Wells Fargo Opportunity Checking. Wells Fargo allows people who have a bad banking history to open an account for $50. When a person opens the account, a monthly service fee of $10 is applied to online statements, or a $12 fee for paper statements. If a person has this account, they must have a minimum daily balance of $2,000, ten debit card purchases and/or payments a month, or a total of $750 or more in direct deposits. There is a $0 cash withdrawal fee at Wells Fargo ATMs.

Another bank that offers second chance checking accounts is U.S. Bank. In order to open a second chance checking account with this bank, you must have a minimum deposit of $25. The monthly fee for this account is $6.95 for online statements, or $8.95 for paper statements. You also need to be debt-free in other places in order to open an account.

These are just two of the major banks that have second chance checking accounts. Chances are, you may have a local bank in your area that is not nationwide that offers a second chance checking account. This is because most nationwide banks (exceptions include those listed above) do not offer second chance checking accounts. The larger banks do not want any risks on their accounts. Your best chance to find a second chance checking account locally. If you are in financial trouble and cannot open a checking account, explore your options for a second chance checking account.