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Second Chance Checking Accounts

Updated on June 30, 2009

You’ve probably heard about it and shrugged it off. But yes, over 2 million Americans do not have bank accounts of any kind.

For an advance country as such, this might come as a-jaw-dropping information, but these huge numbers of people, in fact, have no savings or checking account.

Sad but true. And if you happen to be one of these multitudes who are listed in, or have been reported to, any recognized consumer checking history database like ChexSystems, you might opt to know more about second chance checking accounts.

Are you among this group? Would you happen to need a second chance banking account?

Second Chance Checking Accounts
Second Chance Checking Accounts

Face it, various overdrafts and unpaid fees in your checking account are signs of need for financial management.

And that was how your name got into ChexSystems along with millions of closed accounts with so many others, and face the dilemma of inability to open a new account because of a “bad record.”

Second chance checking accounts exist for those who have have problems with their checking accounts due to lack of knowledge or bad financial management.

As its name says, second chance checking accounts are made available for people like you who need a fresh start to steadier financial status and be redeemed from the mire of a financial crisis.

This scheme would also work well for over 4.5 million Americans who don’t have a bank account and are beneficiaries of federal grants aid.

For those who have their bank accounts closed, are on welfare and or largely reliant on Social Security, second chance checking accounts would come neatly handy.

Here's How It Works

If you belong to that large group struggling to get a good second chance bank account, you must also embrace the fact that you need some financial education.

The even-better news out there is that many banks, credit unions and other lending entities are positive about giving out a loan called second chance checking account. These programs are typically made accessible to those who have one unpaid account closure, and a credit fica score of around 500.

Getting a second chance bank account simply means maintaining a minimum balance of $100, and in most cases, using direct deposit of your paychecks. Also, an ATM card will be supplied by your bank. However, debit cards are often not offered.

The eligibility to open a second chance checking account differs from bank to bank. Some banks may require hefty opening deposits while others may require only token amounts.

The big plus for second chance checking accounts would be acquiring financial education management, geared at empowering you with values and basics of handling your budget wisely.

This free education package comes with lessons in budget making, wise credit usage, getting an objective financial goal and organizing your finances. Some banks also give personal counseling on the same areas of financial management.

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      multimastery 

      7 years ago

      Great hub fayans!... Second chance banks sometimes turn out to be a great educational experience as you've clearly pointed out. This downfall from the "traditional" checking system may just lead many people on a greater path of financial understanding, freedom and control. I am also a big advocate of second chance checking accounts as many them rival the features of the conventional checking accounts.

      https://hubpages.com/money/Second-Chance-Banks

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