Tag Archives: Second Chance Banking
What Is Second Chance Checking?
Some Colorado Banks specifically offer “Second Chance Checking Account” programs, which means they’ll open an account for you even if you’re on ChexSystems as long as you’ve already paid any money owed. Some banks have other names for these banking programs, such as “Opportunity Checking” or “Fresh Start Checking.”
To open a checking account in Colorado through one of these special bank programs you typically have to apply in person, and in many cases, the bank requires you take a class on how to balance your checking account and avoid overdrawing your account.
The best checking accounts you can open online with no credit check, low to no opening deposit and no Chexsystems are: List of Second Chance Banks in Longmont CO
- CIT Bank – CIT Bank’s Premier High Yield Savings Account allows you to build your savings at one of the highest interest rates available in the industry. Enjoy ultimate online banking convenience by managing your account from your smartphone or computer. This account does have balance tiers to determine the APY you earn, with the lower balance tier earns at a higher APY, while the upper balance tier still earns well above the national average. CIT Bank compounds interest daily to further maximize your earnings. Plus, there are no account opening or maintenance fees to worry about. Your money gets to grow without being disturbed by pesky fees. A $100 opening deposit is required to open an account.
- BBVA Compass Bank – Open an online checking account with the new ClearConnect checking account. The BBVA Compass ClearConnect Checking Account is a free checking account and offers customers the chance to open an online checking account for only $25. Enjoy no monthly service charges, free online and mobile banking, bill pay and online statements. The ClearConnect Checking Account has no ATM fees at any BBVA Compass or Allpoint® ATM. You’ll also receive a BBVA Compass Visa® Debit Card you can personalize with you favorite photo. Compass Bank has hundreds of branches nationwide and in Colorado including Fort Collins, Boulder, Denver, Aurora, Littleton, Greenwood Village, Colorado Springs, and Westminster COList of Second Chance Banks in Colorado that don’t use Chexsystems
- 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. Discover Bank is currently offering a $50 bonus if you also open a checking account. To open a Discover Bank checking account, you have to open either a Discover Savings account or credit card. 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. Open a Second Chance Bank Account in Colorado
The banks on Checking Help’s List of Second Chance Banks in Colorado do not use ChexSystems or check your credit history. Most have short, online applications and do not require an opening deposit. You can open a checking account online and make the opening deposit through direct deposit or by mail. The easiest option is to make the initial deposit with a credit card or prepaid card. You can also apply for a checking account at a bank with a second chance checking program. One second chance bank in Colorado is BBVA Compass. You can open a BBVA Compass second chance checking account with a $25 opening deposit but you will also have to pay a $13.95 monthly service charge. Non Chexsystems Banks in Colorado
If you don’t have the money available to pay off your old, overdrawn bank accounts, even banks specifically offering second chance checking might not let you open a bank account. Your ChexSystem record stays on file for five years unless the information in ChexSystem’s report is inaccurate and you file a dispute. Even if you pay off your old bank account, you still have to make sure the bank sends a letter to ChexSystems requesting the removal of any negative information.
Applying for a Bank Account with Bad Credit
When you apply for a new bank account, some banks will also check your complete credit report and score. The credit check itself isn’t usually the reason banks will deny you a checking account. Banks tend to deny you a bank account, not because you have unpaid credit cards or a bad credit score, but because you bounced checks in the past or still have a negative balance with a previous checking account.
No Chexsystems banks In Colorado
To prevent terrorism and fraud, the law requires all banks verify your identity in the form of a “soft pull” of your credit report. This means they only access your credit report to check that your name and address match up with your social security number. A soft pull of your credit report won’t lower your credit score.
Non Chexsystems Banks in Colorado
Banks requiring that your checking account is enrolled in overdraft protection, in the form of a bank-issued line of credit, will require you don’t have bad credit. The bank will conduct a “hard pull” of your credit report, meaning that the credit check itself will lower your credit score by two points. Our list of recommended national and local second chance banks in Colorado include banks that do not use ChexSystems or check your credit history.
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