If you have had any outstanding debts or overdrafts, chances are it may make you lose your active checking account.  In this state, getting an approval for a new account is not really an easy one. Anyhow gaining the proper understanding on your situation and realizing the fact that there are some second chances bank accounts are out there to help the people in your position will help you to be on your track again.

Step 1  

Figure out why banks are rejecting your checking account application

Check with the denying financial institution and find out whether they took their decision based on the information from check systems that reports about the mishandling of accounts or about your outstanding debts to one of its member institutions.  Also ask whether their decision is based on the Tel Checks which reports about the bad checks and fraud.

If the denying organization has taken the decision based on the check systems report, apply for getting a copy of the check system report from the same company. If the denial of your second chance bank account is made because of the Tel checks, you can contact the Tel check representative and try to get a better understanding for the denial. Unfortunately in some cases, checking account applications are denied solely based on the institution’s decision.

Step 2

If you have your bad credit information stored on the Tel checks or hex Systems database, chances are most of the banks will reject your second chance bank account.  However there are some banks are out there they are ready to allow the people who don’t have any problem in the last 2 years.  If the denial for your regular second chance bank accounts is due to fraudulent activities, you have to wait minimum of 5 years to get the one.

Step 3

Start Exploring On The familiar Ones

Check out websites of credit unions and banks that are familiar to you. If they offer second chance bank accounts, based on the reputation you have in that bank, you may get an approval for the regular checking account.  Use the term” second chance” to find out any personal checking account which best fits to your needs.

You can also call the customer service to get more info on second chance bank accounts.

Step 4

Extend your search to find out the other financial institutions which are already better known for offering second chance checking accounts. When you decide to go with the bank that is unfamiliar to you, do a careful research on all the available information. Read the application and find out any hidden cost too.

Step 5

Just as for credit card application single information filled by you in the application form should be given with the absolute accuracy. Remember, misinterpreted inaccurate info may lead to the denial of second chance bank account you are going to apply for.

Tips & Tricks

Some financial institutions use neither Hex Systems nor Tel Checks. So they will not have a record for your outstanding debts or any other banking problems. You can spot these financial institutions through online directories.

If you experience continuous denials on your second chance banking accounts but you are not sure on the reason, speak up with the respective banking personal. Because some times, companies deny the individual mistakenly too.

Ensure whether you have the required opening deposit in your account when you apply for a checking account.

Top 5 Second Chance Bank Accounts for Finance

as I told you already some financial institutions voluntarily offer the second chance banking to the potential customers regardless of their past missteps. Given below is a list of such top 5 banks who offer second chance bank accounts to the needy people.

Bank Second Chance Bank Account Name
Chase Access Checking
Wells Opportunity Checking
U.S. Bank Second Chance Checking
PNC Bank Foundation Checking
BB&T Bank Money Account

Most of the accounts listed here have a very tight restrictions and limits on daily withdrawal. For example Wells Fargo does not allow the customers use ATM to do any check deposits.

BB&T Bank’s money account is exactly same as the prepaid account. Customers will not get any check book along with the account.

PNC Bank’s shows somewhat a generous approach towards its Foundation Checking customers. It charges only around $0.49 for money orders. This cost is very low when comparing it with any other accounts. It does not charge any monthly fee on these accounts.

There are notable numbers of banks are out there who are ready to lend their hands to customers by forgetting their past mistakes and there are some which are more generous among this group. Find that best one and get an approval for your second chance bank accounts.

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