2nd Chance Banking is a great option for giving access to financial
features that are found through a typical bank account to people who
are unable to secure a typical bank account due to bad credit.
2nd Chance Banking provides people with all the normal options usually found on a bank account -- deposits, withdrawals, transfers, and a limited amount of checking transactions each month. Basically, it is a normal bank account without typical minimum balance requirements, making Second Chance Bank Accounts readily available to the majority of people. However, there are a few negative points to consider; simply getting a Second Chance Bank Account does not put you under the radar from ChexSystem. You will still have your "history" tracked with the second chance account, but this time you are allowed a second chance, as implied by the title.
You will be required to pay yearly or monthly fees for account maintenance; while most regular checking accounts do not cost money, you are required to pay for the convenience of obtaining a second chance account. Each institution can implement their own fees which can vary -- you will probably also be restricted on check cashing and balances each month.
A main benefit of having your 2nd chance checking account is the ability to have your credit history through ChexSystem rebuilt -- you basically maintain a good relationship with your bank and that helps build trust within the system. If you treat this second chance account with care, you should be able to get a regular bank account from whichever bank you choose down the road.
The ideal way to search for a second chance account is using online resources to locate banks offering the service; this will either lead you to a bricks-and-mortar ban or an online bank offering a second chance bank account. As you have thought about banks, you may find that you are leaning toward a regular bank, but consider the fact that internet banks often give you better terms and are usually more budget-friendly. There are a whole bunch of internet banks with great reputations that will have great deals to offer for your second chance account.
If you choose an online bank for your 2nd chance banking, be sure that you make a comparison between the various second chance accounts available online. Each institution may have different terms, so if you compare you will get the best deal. Generally, you are better equipped to make a decision if you do in-depth research on the bank you have selected. You will make an informed decision and get the best deal. Selecting your bank account is a very important decision, so be sure that you compare as many banks as you can, both physical and internet banks.
See related information about
- Online Checking Account
- Checking Account with Bad Credit
- Bad Credit Business Bank Account
- Second Chance Bank Accounts
- Second Chance Checking Account