Those who have been denied with a bank account can find hope through second chance banking accounts.

1. Second Chance Banking Accounts
Those who have been denied with a bank account can find hope through second chance banking
accounts. Being denied a savings or checking account is not a recent issue. As a matter of fact, if you
were recently denied with one, then you are not alone. Hundreds of thousands of people are being
denied bank accounts because of their bad credit statuses and delinquent accounts. While some
conventional banks may offer you a “parole” and let you open a bank account with regular features
and service charges, some may not even think of giving you a second chance. Therefore, if you
found a bank where you can open a second chance account, you have to do your best in order to
get approved.
To make it easier for you, here are some important factors that you should consider when applying
for a second chance checking or savings account.
Second Chance Banking Accounts Application Tips
 Choose a bank with a fresh, modern view on the ChexSystems list. More often than not, the
reason why banks deny you a bank account is because you have a poor record in the
ChexSystems. You may have a delinquent account listed in the ChexSystems list. While most
banks automatically deny applications from those who are blacklisted through this list,
some have a friendlier outlook on those who are listed in the system.
 Consider the fees. More often than not, second chance banking is approved 90% of the
time. So, if you are considering to apply for one, you should pick a bank that has competitive
application fees and monthly charges. These fees are common in second chance accounts,
since the banks or financial institutions want to have assurance because they count you as a
high-risk case. The typical application cost is $10 and the monthly fees range from $4-$10,
depending on the services offered.
 Choose based on your gut and the facts you have gathered. When planning to apply for a
second chance account, it is better to “collect then select”. List down 5 or 6 second chance
banks that you consider and gather enough information about each one, then compare the
facts and choose the best. Better yet, let your instincts help you decide which bank to
choose for your second chance accounts.
No credit, bad credit, or a bad checking history should not hold you back from getting another bank
account. Getting a second chance account is possible. Nevertheless, you have to be a lot more
responsible in managing second chance banking accounts. This might be your very last chance to
prove that you can handle your finances and bring back the trust you need in order to have a
normal bank account once more.