What Are Second Chance Bank Accounts?

As the name would suggest, second chance bank accounts are everyday use bank accounts

that offer a second chance for people that had previous financial problems and have had their previous account(s) suspended or closed down. These accounts sometimes also come under the name non-ChexSystems checking accounts.

Performing any type of financial misdemeanor puts you at the risk of being entered into ChexSystems. ChexSystems is a consumer credit reporting agency and check verification service, which is used by around 80 percent of the country's banks, and records information every time a customer bounces a check, exceeds their agree overdraft limit or fails to honor a payment.

Doing any of the above, particularly on a regular basis, may mean that you are entered into ChexSystems, placing your account at risk of being closed. If this step does eventually get taken it is not simply a case of opening up a new bank account, as most banks will not touch you if you are in ChexSystems.

For people in ChexSystems, second chance bank accounts are a lifeline. They are everyday use accounts that will allow them to transfer money, pay their bills, access their money, and have almost all of the same uses as a regular account, - in essence offering these people a fresh start or second chance.

Second chance bank accounts are offered by a variety of banks and finance companies, an increasing amount of which are online specialists in this field. Application is usually simply a case of filling in the application form, and no interview is usually required - offering instant approval subject to meeting address and identification requirements.

Before taking this step, however, it makes sense to access a copy of your ChexSystems report. Check that all of the information contained within the report is in fact accurate. Any inaccurate or untrue details can be amended or removed as necessary. It may be these that are actually stopping you opening a new bank account.

If the above option gets you nowhere, then second chance bank accounts are a suggested alternative. They are simple to open, and offer an almost identical range of uses for people that have had problems opening up a regular account. As a result they can be strongly recommended for those seeking a solution to being stuck in ChexSystems.

Before applying it is important to note that many companies offer these types of accounts. Some charge monthly or annual fees and some require a one-off payment for opening the account. As a result it pays to shop around and make sure you are getting the best deal before making an application.

by: William Trustey

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