ChexSystems and similar databases are used by businesses and banks to determine the level of financial risk associated with an individual. Some banks offer second chance checking accounts in their physical institutions as well as via online accounts.
People Who Need Second Chance Checking Accounts
Second chance accounts are ideal for consumers that need a checking account, but for whatever reason, have a marred checking account history. Whether or not one was faced with economic difficulties, bad credit issues, or other financial problems, a person can get a second chance to create a checking account that they can keep in good standing. Second chance checking accounts are commonly accompanied by a debit card that a consumer can use to make point of sale purchases as well as purchases online.
Anyone who has ever been reported to ChexSystems remains listed in the database for a period of five years. Even if going through credit repair, it is very difficult to get your name removed from the ChexSystems database until the five year time period has passed. This means that every time you attempt to write a personal check at any business that relies on CheckSystems or similar databases to verify if you are a risk or not, your check will most likely be declined, even if you have adequate funding to pay for your purchases.
Even people who have struggled with their finances require a checking account in order to manage bills and to make payments. With second chance checking accounts a person is literally awarded a second chance to prove him or herself. This type of account can help a person to demonstrate that he or she has developed the means and ability to be financially responsible as well.
Features And Benefits Of Second Chance Checking
Second chance checking accounts online often have management tools you can use to keep track of your account. You can view your account so you can more readily manage all of your transactions. With account management tools available online, you can access account information from home and compare it to your check register book to make sure you have documented all transactions and that your account remains in balance.
A second chance account does have some limitations placed on it in terms of how you can use the account. Some accounts require that you deposit a specified amount of money in the account and that you maintain a set balance at all times. Other banks do not require you to maintain a specific balance in the account. You can anticipate a small monthly service charge deducted from your account. Monthly fees can range from $5.00 to $15.00. Some banks will offer you a free debit card to use with the account. These accounts are not usually associated with overdraft options since the goal is to keep the account in good standing. Eventually, after about a year’s time, you are allowed to convert to a traditional checking account if you can demonstrate responsible spending and checking account control.
Banks That Offer Second Chance Checking Accounts
BBVA Compass allows you to apply for an second chance account online. The account offered comes with a debit card that can be used wherever the Visa® card is accepted. You get access to free online banking through BBVA and you only need $25.00 to start up your account. You are not required to maintain a minimum balance and you are not limited in the number of checks that you can write. The costs associated with this second chance account are the cost of checks and a $7.95 service fee.
Open Checking Account Online
Open Checking Account Online is identified as one of the leading second chance checking account banks. The company does not conduct a credit check, a telecheck, or a Checksystems check when you apply for an account. You are not charged an activation fee to get your account started. You can apply online and get instantaneous approval. You do not have to have an existing bank account, and the bank offers bill pay services.
Live United Way
United Way has a second chance checking account program available through the Bank On San Jose. The program is open to those people residing in the Santa Clara County region. In order to gain access to offer, an individual has to register for a class offered through United Way.
More Second Chance Checking Accounts Online
Peoples Cash Solutions
Peoples Cash Solutions is a lending provider that has second chance checking solutions. You get a debit card to use with the account and you can access account information or withdrawal funds from ATMs located all over the world. You can monitor your account via ATM, telephone, or online. You do not need stellar credit to open an account and you can earn cash back on point of sales transactions. The company is insured by the FDIC. You can make use of bill pay services, and you get free online banking as well as monthly paper statements. You are not charged an application fee or an account opening fee. Peoples Cash Solutions does not conduct a credit check and you are not charged account loading fees. You are not charged a per check charge or a monthly fee for services. You can begin the application for a second chance checking account online.
Prairieland Federal Credit Union
Prairieland Federal Credit Union has second chance accounts associated with no minimal balance, no monthly fees, and free online banking access. You can get eStatements on a monthly basis, online bill pay services, and a Visa® debit card. There are ATMs withdrawals you can make that have no fee attached. You also get direct deposit, and funds are insured.