Second Chance Checking Banks
Are you looking for second chance checking banks? On this page, we list some of these banks and also offer tips on getting your checking account approved by banks that offer second chance checking accounts or bad credit checking accounts.
Second chance checking banks or second chance checking credit unions offer people who may not qualify for a regular checking account a fresh start in their financial lives. Most of us have faced financial challenges at one time or other, and have been able to move ahead when equipped with the right information and help. Even if you have been denied a checking account, it is likely that you will soon find a second chance checking bank who will be accomodating to your situation.
A second chance checking account or bad credit checking account offers a second chance not just to the access of a checking account, but the also a chance to rebuild your credit history as you use the checking account for financial management and on time bill payments to demonstrate your credit worthiness. This paves the way for your credit score to increase and opens the door to more opportunities in life.
Second Chance Checking Banks - Tips On Getting Your Application Approved
In most cases, people have been denied a checking account because of a negative report on their Chex Systems report. Second chance checking banks are willing to open an account for someone who have negative Chex system record under two circumstances. First, they may not be Chex Systems banks, so their decision to open an account is not affected by your Chex Systems record in any way. In fact, you could well qualify for a regular checking account at these non Chex systems banks.
Secondly, they may be a member of ChexSystems, see your record, but are still willing to work with you to set you up with a second chance checking account. As long as it your record is not due to fraud, chances are good to be accepted by a bank that has a friendly second chance checking policy.
The approval approach may vary from branch to branch, and by State. So it is possible that you are turned down at one branch but accepted at another. The branch manager may have the discretion to provide a final decision for the branch. So if you are turned down by a bank that you have heard will open a second chance checking account, you may want to find out which branch that application was approved and consider going there.
Some banks may only be able to offer you a second chance checking account when you go into a local branch, rather than apply to open an account online. Yet other banks will state online that they are willing to open a second chance checking directly via an online application. So there is some variation in how your application will be received across banks branches and whether you apply for it online or offline. So do not be discouraged if an application does not go through the first time, continue to check your options and research online.
Here are some of the banks that offer second chance checking accounts:
- Academy Bank (CO)
- Bank Of The West (CA)
- Bank With United (DC, MD, OH, VA, WV)
- Chase Bank (Nationwide)
- Compass Bank (AL, AZ, CA, CO, FL, NM, TX)
- People's Choice Solutions (TX, Online Nationwide)
- ING Direct (Online Nationwide)
- Los Angeles Federal Credit Union (CA)
- Liberty Savings Bank (CO, FL, OH, SC)
- US BANK (Nationwide)
- Vantage Credit Union (MO)
- WoodForest Bank (AL, FL, GA, IL, IN, KY, LA, MD, MS, NY, NC, OH, PA, SC, TX, VA, WV - many branches located within super Walmarts)
- Wells Fargo Bank (Nationwide)
Consider this list a good start. You will find other second chance checking banks on the internet as well. Use the web to research through your options. If the information online does not answer all your questions, it will be good to give their customer support or the local branch a call to get questions answered.
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!