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Second Chance Checking Accounts

By Martha Geenes

There are a lot of people in this tight economy that are having financial difficulty. Some individuals have had their bank account go into the negative, and they’ve not been capable of paying the money back. If the individual can’t pay the money back, the bank may close that person’s account and set his or her name on the chexsystems checklist. That is effectively exactly like having bad credit.

When you are put on chexsystems, you are essentially put on a blacklist which other banking institutions use when they make judgements about opening new accounts for potential clients. For the most part, banks use chexsystems, however they may also use credit report checks as a way of doing a background check on potential customers. When your name appears on chexsystems, the bank will probably refuse you a chance to open up a new checking account. A few banks will not even let you open a new savings account, however there are still some that may permit you to open a savings account even if your name is on this blacklist.

A second chance checking account, is exactly what it sounds like. It’s a second chance inside the banking world. There are several banks around that offer them. One large bank that does offer a second chance checking account is Wells Fargo. These people call this checking account the opportunity checking account. You’ll be able to have a Visa debit card, and your max spending limit is going to be $500 a day. Additionally, you are going to have a holding period on your checks. It’s not a bad offer considering the fact that it is very tough to undergo day-to-day life without debit cards or a bank account.

So exactly what do you do if you can’t have a second chance checking account?

There are a couple options for you to take when you are down this unfortunate financial path.

* You are able to open a bank account with a bank that doesn’t use chexsystems

* You may get a secured credit card or prepaid card

Although most banks use chexsystems, you may still find a few of them out there that do not use it when they make decisions regarding opening new bank accounts. Most likely the ones you will probably have a chance with are credit unions. It is very likely that the larger the bank is, the larger the chance that bank is using chexsystems. Non-chexsystems banks will use some other form of background checks, and I will most likely be a credit check. If your credit is bad, then you are most likely going to need a second chance checking account.

If you’re having difficulty finding a second chance checking account or banks that don’t use chexsystems, one fast and easy choice would be to open up a secured credit card or a prepaid card. This can be a temporary choice to being able to make use of a card to pay back your bills. Not everybody out there has a credit card, and when they lose the ability to use a checking account to cover their expenses it makes things very tough.

Check out Banks that do not use Chexsystems

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Article Citation
MLA Style Citation:
Geenes, Martha "Second Chance Checking Accounts." Second Chance Checking Accounts. 17 Aug. 2010. 1 Jun 2016 <>.

APA Style Citation:
Geenes, M (2010, August 17). Second Chance Checking Accounts. Retrieved June 1, 2016, from

Chicago Style Citation:
Geenes, Martha "Second Chance Checking Accounts"

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