Banks with Second Chance Checking
Around 85% of banks use Chexsystems or Telecheck when you apply for a new checking account. Some banks simply skip the Chexsystem verification process. There are at least a couple banks in every state that offer “Second Chance Checking Programs” or what some banks call Fresh Start Checking, Opportunity Checking or New Start Checking. Banks offering second chance checking use Chexsystems but are willing to forgive your previous banking mistakes and give you a second chance. Second Chance Banks Online
To open a new checking account through a second chance bank program, many banks require that any negative balances owed to another bank have been paid. Most banks with second chance checking do not have online applications and ask that you apply in person. Each bank has different requirements for opening a second chance account. Often, the bank requires you to take a class on how to prevent you from overdrawing your bank account. You might also have to enroll overdraft protection and pay additional monthly fees. If you want to open a “second chance bank account” see the list below or view a list of banks that do not use Chexsystems at all.
Banks with Second Chance Checking Programs
- Compass Bank – The BBVA Compass Clear Choice Checking Account is free and offers no monthly service charge, free online and Mobile Banking with Bill Pay, free online and paper statements, unlimited check writing and no fees on BBVA Compass ATMs.
- Discover Bank – Open a Discover Bank savings account online instantly and earn a rate 5x the National Savings Average with a low opening deposit and access to your cash anytime. The opening deposit is $500 but you have 30 days to make a deposit at a local branch or by setting up direct deposit. You can also make your opening deposit by mail. Discover Bank is currently offering a $50 bonus if you also open a checking account. You have to have either a Discover Savings account or credit card to open a Discover Bank checking account.
- Wells Fargo Bank offers an Opportunity Checking Account to people who have been reported to ChexSystems for bouncing checks or overdrawing a checking account in the past five years. The minimum opening deposit for the Opportunity checking account is $50, and account holders must pay a $12 per month service fee. Wells Fargo Second Chance Checking Account banks that don’t use chexsystems
ChexSystems is a check verification provider and consumer credit reporting agency that provides deposit account verification services to its financial institution members to aid them in identifying account applicants who have a history of overdrawn accounts or bounced checks. When you make a purchase or apply for a bank account, ChexSystems is contacted. They verify and report your checking account activity and informs the merchant if it’s okay to accept a check from you.You can have a negative ChexSystems record if your account has been overdrawn, even if you have never bounced a check. If you’ve been issued insufficient funds fees for purchases made with a bank check card, your bank likely reported you negatively to Chexsystems.
TeleCheck is another check guarantee service provider that protects businesses from bounced check and check fraud. TeleCheck provides merchants with information concerning your check writing and checking account activity. The merchant then makes a decision to accept or deny your check. Each report submitted to ChexSystems remains on file for five years, unless the bank that filed the report requests its removal or ChexSystems becomes obligated to remove it under applicable law. Wells Fargo Bank Opportunity Checking List of Banks with Second Chance Checking second chance bank in and