3 best second chance banking account options

Have you ever been on the spot when you bank application has been rejected and you were left wondering why that had happened? The basics of a pre-check performed by a financial institution when they allow the opening of bank accounts is to check your banking history to see your credit history. And when it does not meet the qualification requirements set by the bank, your account opening application is bound to get rejected.

What are second chance banking accounts?
These are banks and financial institutions that come to the rescue of your banking needs when you get your regular bank account opening applications rejected. These particular set of banks do not perform a Chexsystems (used for checking credit history) to screen the applications. They allow for an applicant to actually get a second chance (as the name states) to prove that they can be responsible for their banking liabilities. Having a second chance banking account can help a customer to not only get a good standing with the banks but also allow them to build up their credit history responsibly in order to be able to open a regular account in due time.

Here is a list of the three top banks that allow for second chance bank account openings, especially for those who have had to go through rigorous rejections of their regular banking accounts.

Wells Fargo
The second chance banking account is provided under the name – Wells Fargo’s Opportunity Checking and Savings Account. These accounts are a great fit for those with a bad credit history and the options they provide include the following.

• Only a $25 minimum deposit to open the account.
• Allows for free transfer of funds between both Opportunity Checking and Savings accounts.
• Allow for customers to choose overdraft protection.
• Allows for free access for bill pays.
• Provides the exclusive spending reports that not only allow the customer to watch their budget but also modify their spending trends to get on the better side of their credit history.

While there is a monthly charge of $10 as a service fee, it is waived off if the customer does one of the following: makes 10 posted debit card purchases or payments, maintains a minimum daily balance of $1500 in the account, or receives a total of $500 as direct deposits in every single statement cycle.

BBVA Compass
While BBVA does believe in allowing for second chance banking accounts for its customers in need, it does not have a separate or special package to mark these customers as a distinct category. Different bacnking accounts offered by BBVA are Compass ClearChoice Free Checking, ClearChoice Savings, and Easy Checking accounts are open for second chance banking needs. The only catch is that BBVA accounts are only available for customers who are residents of Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.

While each of the account types is distinct, there are certain common laterals between these options as second chance banking accounts. One of the most common options easy to qualify for is the Easy Checking account by BBVA, a backup plan for those in desperate need of at least a second chance banking account. The features and fees on this account include:

• A monthly service charge of $13.95,
• A paper statement fee of $3,
• A $10 fee for visa debit cards,
• A minimum $25 for second chance bank account opening,
• A closing fee of $25, which is charged only if you close the account within 180 days of account opening,
• And a dormant account fee of $5, which is only applicable to New Mexico, Alabama, and Arizona

Woodforest National Bank
This bank is specially designed to offer only second chance banking accounts. And branches of this bank is located in the states of Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, and West Virginia.

The details for opening a second chance banking account in Woodforest National Bank include:

• An opening deposit of minimum $25,
• $9 one-time “setup” fee
• A maintenance fee of $11.95 per month and a monthly direct deposit of $9.95
• Free ATM withdrawals from Woodforest ATMs, $2.50 fee for out-of-network ATMs
• $29 insufficient funds fee
• $3 paper statement fee
• $35 stop payment fee
• $25 early account closing fee (charged only if you close the account within 180 days of account opening)
• $15 debit card setup fee

Please note that the fees and charges of second chance banking accounts mentioned above are subject to change.