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Second Chance Bank Account - A ChexSystems Record Cannot Limit You

A second chance bank account offers not only access to convenient banking, but the ability reset the harm of a ChexSystems record in a short period.

A second chance bank account is the perfect place to start reestablishing your relationship with a bank if you have had a bad credit history. Most banks use systems such as ChexSystems and TeleCheck to determine your credit history before allowing you to open a new bank account with them.

If you have had a previously unpaid bank overdraft or other similar credit issues, it is most likely that your name will be in one of those checking systems. Names listed in the ChexSystems list are usually face a ban when it comes to opening a regular account with banks. If you like to find out more, check out this How Does ChexSystems Work article.



It is always possible to negotiate with a bank to get your name removed from the list. The best way to do this would be to clear all your outstanding credit loans and approach the relevant financial authority. In most cases though, even after your outstanding fee disputes are cleared, your name will still be left on the ChexSystems or TeleCheck list for a period of 5 years. This is an extremely long time during which you cannot open a brand new bank account. However, even if you can’t start a regular account, there is still always the option of a second chance bank account.

In opening a second chance bank account, the financial institution may not even check the systems to see if your name appears on the list. It is much easier to start than regular accounts but these accounts could come with less privileges compared to normal accounts.

As an example of a good 2nd chance bank account, consider financial institutions like People's Cash Solutions (PCS). Deposits are FDIC insured. PCS currently offer some of the most attractive benefits such as a $0 account opening fee, your own debit card, free online banking, access to ATMs and no monthly fees. Most of the benefits offered will definitely be appreciated by you if you are looking to start a bank account that resembles a regular account as closely as possible.

A second chance bank account squashes the restrictions from a ChexSystems record and provides applicants acces to banking services. Not only that, the second chance account is a start. As you are able to demonstrate responsbile use of the account over 6 months to a year, you will likely be offered the opportunity to upgrade to a regular bank account as well. This will happen well before the 5 years it takes for a Chex Systems record to go away.

As an alternative to a conventional checking account, consider a prepaid Visa card account with no ChexSystems requirements. It works just like a checking account, allowing for direct deposit of paychecks and online billpay (one-time or recurring payments). You can deposit cash into the account from 135,000 retail locations nationwide. In addition, the card can be used anywhere Visa is accepted. Click to learn more: The Perfect Alternative to a Checking Account!


The perfect alternative to a checking account