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Second Chance Banks - A Review Of The Top 5 Banks

Second Chance Banks Review - Here's a look at top 5 banks that offer second chance bank accounts. A number of well known national banks that offer both regular as well as 2nd chance bank accounts.

If you have had problems with your past bank that keep you from getting an account in the future, then you will need to focus your attention on second chance banks. They provide a great alternative to traditional bank accounts so that you can prove yourself again. Here is a look at some of the best banks that will suit your needs.

A List Of Second Chance Banks

Wells Fargo Opportunity Checking

Not all banks that offer 2nd chance checking accounts are unknown, as some are national banks. One of these is Wells Fargo. If you have your name listed with ChexSystems or TeleCheck, then getting a Wells Fargo Opportunity account is one of the best ways to go. You can make deposits or withdrawals from any Wells Fargo location. However, you won't be able to make deposits at the ATM with this type of account.

 

 

In order to get started with a Wells Fargo opportunity account, you will have to make an initial deposit of $100, and be subjected to a $10 monthly fee. However, there are numerous ways to have this monthly fee waived. You could sign up for direct deposit with your employer or maintain a balance of $1,000 on a daily basis. One final option to have the fee waved is to sign up for an Opportunity savings account and transfer $25 into it automatically every month.

You will have many of the standard features of a traditional bank account. You can use the Platinum visa debit card anywhere that they're accepted. You can also use the online banking to check your account balance, transfer funds, or pay your bills automatically.

Compass Bank Second Chance Banking

Among second chance banks, BBVA Compass is a well-known institution. Like Wells Fargo, it offers both regular checking and savings accounts, but runs a second chance banking program in parallel. It offers plenty of the standard features like a Visa debit card and the ability to make transactions at the ATM. You will only need to make an initial deposit of $25. However, the monthly service charge of $13.95 is a bit more than other second chance checking banks offer.

You will also be charged $3 every month for a paper statement fee. Fortunately, you won't have to worry about paying this fee if you receive all of your statements electronically. To help make up for the higher monthly service charge, you'll have the opportunity to earn rewards whenever you make certain purchases with your debit card. After accumulating enough points, you can trade them in for a wide range of prizes.

Compass offers online banking and even mobile banking if you have a smartphone. You can also setup alerts that prove useful for managing your money effectively in various ways such as reminding you to pay your bills on time.

People's Cash Solutions

People's bank is another institution that offers 2nd chance checking accounts. This is another bank that accepts people who have had issues with TeleCheck or ChexSystems unless you've been reported for fraud. The best thing about this account is that you don't have to pay a monthly maintenance fee.

Everyone who signs up for an account is issued a debit MasterCard and will also have the option of getting a free checkbook. Online banking is useful for keeping an eye on your money too.

People's bank also helps their customers save money too. You can use the online system to pay your bill without being subjected to vendor fees. The system also allows you to transfer money so you don't have to pay transfer fees like with Western Union or Moneygram. If you're married, you can also get a joint account although both parties will need to fill out the relevant forms.

WoodForest Bank

If you've been in certain Walmarts lately, then you may have already noticed one of the next second chance banks which is Woodforest. One of the main benefits of their second chance banking accounts is that you don't have to make a certain minimum opening deposit. However, you will need to pay $9.95 every month for a maintenance fee.

Account holders are also issued debit MasterCards that they can use for free at Woodforest ATMs. Their ATMs are only located inside Walmart, so you won't be able to drive up to any conveniently. In order to use ATMs offered by other institutions, you will have to pay $2.00 for each transaction. You are charged an annual fee of $12 for use of the debit card.

Traditional features are provided with Woodforest accounts such as online banking, online bill pay, and mobile banking. You can also call an automated system for information about your account or to speak to customer service.

Unlike many other types of second chance banking accounts, Woodforest allows you to write as many checks as you want. You can sign up to receive your statements in the mail or electronically. Just know that you will be charged $34 for each overdraft item.

ING Direct

Finally, there is ING Direct which offers plenty of options. One of the first is signing up for an Orange Savings account. It doesn't use information from ChexSystems, so you won't have to worry if you're on the list.

However, you will need to have some type of existing checking account in order to get an Orange savings account. In order to verify your identity, then make a small deposit in your other account. You can easily sign up for one of these accounts online.

Another option with ING Direct is the Electric orange checking account. The main reason to get this account if you can is that you can earn interest with it. There is no charge to use the ATM card or for maintenance on a monthly basis. You don't even have to worry about paying overdraft fees. Currently, you can even earn a $50 bonus whenever you open an account with them.

Just because you have had issues with one of your bank accounts in the past doesn't mean that you'll be barred from ever having one again, since second chance banks provide an ideal solution. Some of the ones mentioned on the above list are great starting points for your search. Make sure that you compare all of the terms and restrictions between institutions.

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