Second Chance Bank Account - Getting A Fresh Start

A second chance bank account is available to individuals with bad credit. These accounts provide a way for people with bad credit to get a second chance at establishing a banking relationship. This helps in acquiring credit for loans, paying bills and enjoying the same privileges and freedoms that other banking account holders enjoy.

Second Chance Bank Accounts

Second chance bank accounts use different criterion for determining eligibility for opening checking and savings accounts. Usually, they require a deposit to be made to open a new account. The new account can be set up manually or electronically.


Most banking institutions that provide second chance bank accounts do not use the ChexSystem, which looks at an individual’s prior banking history. A ChexSystem report can include such reportable items as overdrafts, bad check collections and insufficient funds. These items can prevent a person from obtaining another bank account, even if the problem was based on a temporary financial setback or situation.  Using a second chance bank to reestablish a banking relationship may be the only option available for some individuals.

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