Second Chance Checking

Second Chance Checking

Many of us believe that everyone deserves a second chance. We hope that previous mistakes made have lead to valuable lessons learned. However, others are wary and are not sure if they can trust others who have made mistakes, especially when the mistakes are considered major and/or costly. Banks feel the same way. Some feel that people who have managed their accounts poorly in the past and have been reported to ChexSystems should be given a second chance. While others will not give them a second chance until their names have been cleared from ChexSystems.

The banks that offer second chance checking accounts might seem merciful, however they still want something in return for giving you a second chance. In fact, they are taking a risk to open an account for someone who has not handled them well in the past. Therefore, there may be higher than normal fees associated with the accounts. Some banks do not offer an option to waive the monthly maintenance fee, while others will do so with a minimum monthly direct deposit of a certain amount (usually $500). Also, after handling the account properly for 12 months, you may also have the option to switch to a standard checking account. It may be worth it to pay the higher fees for a specified period of time in order to reestablish your banking history in less time than it would take to get your negative information removed from ChexSystems(up to five years).

There are not a lot of options for second chance checking accounts but there are national banks that offer the product. Shop around for the lowest fees, options to waive fees, and convenience. Poor money management does not have to mean that you are sentenced to high fees for the rest of your life. You can take advantage of a second chance, make the most of it, and turn your money life around. Do you deserve a second chance? If you are ready to make a change, then start today. All the best!

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