Ever been in a dilemma where you wanted to apply for a bank account and were denied access to get approved for the standard accounts? After some interrogation, you discovered that the reason is that you gave people a series of bounced checks or you overdrew. All these contribute towards not being given a chance to access a savings account. The good news is that there are banks which offer second chance banking.
The criterion in which banks prohibit or allow potential clients to open bank accounts is through a ChexSystem. This particular system gives information on different checking accounts, and if you are found with issues of overdrawing, you will be denied access.
Have you been considering going on vacation for the longest time ever but you still have not had enough time and funds to do so? Second chance banking helps a great deal with people who can’t access the rest of the accounts. With this type of banking, you can save comfortably towards that vacation such that when the time comes, you will go without struggling financially.
Saving is a crucial aspect of people’s lives, and one needs to be very careful about how they use the funds available. One of the few tips to saving is that you should ensure that the expenses don’t exceed the cash inflow. Establishing a saving culture will prevent you from being in debt.
One of the biggest advantages of this kind of banking is that depositing checks and paying bills happens online, hence the convenience. Sometimes, people who have opted for this sort of banking may not even know what banks are available for such options. Below is a compiled list of a few banks available for second chance banking.
1. Capital One 360
Before you decide where you settle on, find out all the details and the fees charged for account maintenance. They use ChexSystems. However, they not only look at that but also check if there has been any previous incident of bank fraud. The advantage of saving here is that there is no minimum account balance and no fees are charged. There is no certain assurance that you will be approved and most especially if you have a bad credit history. It is always good to try regardless of the situation.
2. BBVA Easy Checking
For this particular one, it caters for all ChexSystems with the account not having a minimum balance. When opening the account, a service charge of $14 and a deposit of $25 are charged. There are no monthly charges charged and it offers unlimited writing of checks. A BBVA application is available for easy accessibility where anybody is located. You can easily pay bills with it and access statements.
3. People Cash Solutions
One distinct feature here is that it is possible to open the stipulated account with the ChexSystem record. They have a monthly fee of $4.95. An advantage of this particular type is that you get a MasterCard debit card. It is a great way to save up for the vacation.
4. Suntrust Bank
There are a lot of mixed feelings from people about this bank and their use of ChexSytems. However, they argue that they are not for monitoring their clients’ history. This does not mean that if they find out that you were involved in serious fraud activities they will still go on with the acceptance process. The bank has a few requirements that need to be met. A monthly fee of $7 is imposed on the existing account. If there have been 10 bank transactions in a month or it had a daily balance of over $500, those factors are taken into account. Different types of checking systems are available and are tailored to meet different people’s needs.
5. United Bank
This particular bank offers their services to some specific areas. For you to open an account here, you have to deposit a total of $50. They have two different types of checking accounts: a free checking account which has no monthly charges while the other one is the rewards checking account with opportunities to receive discounts.
All in all, second chance banking is convenient for not just poorly rated credit scorers but also for people who already have a bank savings account. They are an excellent way to ensure that you are disciplined enough to save for a planned vacation to reduce the chances of postponing.