How To Apply For A Second Chance Bank Account

Applying for a second chance bank account is a very easy thing to do.  The problem is deciding how you want to do it!  There are a lot of different reasons why you may not have, want, or be able to get a bank account, but having one is a necessity of life.  Being able to manage your money in a responsible fashion allows you stay on top of how much money is in the bank and be confident in your ability to afford making purchases.

It is possible to get an account like this from a traditional bank, as well as with companies that specialize in second chance accounts.  In this Hub I want to show you how to do both.  You will probably be surprised by how simple the process is!

There are a couple of banks that have accounts set up just for people who need a second chance.  The most well known bank that does this is Compass.  However, if you don't live anywhere near a Compass bank, you can't get one!

To find other banks that offer accounts like this in your area, grab your phone and give the smaller branches a jingle.  Ask them if they have any sort of account that can help you out.

The problem is that these accounts are much more expensive than an account for someone who doesn't need a second chance!

Another option is to open a savings account with a big bank.  Many of them don't have any problems allowing people stuck in Chexsystem to open a savings account since there really isn't anything you do to screw it up.  Once you have a savings account and keep it in good standing you will eventually be offered a checking account.  That may take a few years for that to happen, but at least in the mean time you have a place to keep your money.

If you decide that a savings account isn't right for you, you aren't out of options.  Companies like Vision Premier and Rush Card offer second chance accounts that are a perfect alternative.

These work exactly the same as a regular bank, but you never go to the bank!  You get a Visa or Mastercard, direct deposit, online banking, and many of the same features that traditional banks get. 

The big difference in these accounts is the way that you deposit money that isn't in direct deposit.  Instead of going to a bank, you'll go to a participating check cashing store where they will take your money and transfer it over to your bank account.  It's a bit odd to do this at first, but it helps keep the fees of the account low since the company doesn't need to set up ATM's or physical locations.

On the topic of fees, these accounts are more expensive than regular checking, but cheaper than the second chance accounts that traditional banks are offering.  Some will charge a flat fee, whereas others will charge for different actions.  Be sure to read the fine print and understand what you're applying for before making a decision.

Heck yes it does!  Check cashing fees are one of the most ridiculous things in the world to pay for, and with a bank account you never have to deal with those again.

There is also the benefit of not having to carry around cash.  Everyone knows that the person walking out of the check cashing store has a wallet full of money, which makes them an easy target.  Relieve stress by knowing your money is safely tucked away in your bank account!