Top 5 Best Second Chance Checking Accounts For Bad Credit

You could be having trouble creating a new account if you’ve had problems with bounced checks, recurrent overdrafts, or closing an account with a negative balance.

For persons who have suffered from poverty, economic volatility, or who prefer to utilize cash instead of bank accounts, being unbanked or underbanked can cause a slew of problems.

Some banks will refuse to create an account if you have a shady financial history in specific conditions. However, if you’re attempting to achieve financial stability, opening a checking account can help you save money on check-cashing and other silly banking costs.

A second chance checking accounts may be the best solution in these cases.

What Is a Second Chance Checking Account

Customers with blemished banking histories who don’t qualify for conventional checking accounts can open a second-chance checking account. These special accounts normally come with a hefty charge, a slew of limitations, and a lack of conveniences. However, they allow customers to remain in the banking system and demonstrate that they can handle their accounts properly.

After six to twelve months of appropriate account management, the user may be eligible for a basic checking account with lower fees and additional conveniences. It may occur automatically, or the consumer may be required to submit a request to the bank.

A second-chance checking account offers various advantages – as well as disadvantages. Customers who open a second-chance checking account should not expect to receive all of the standard checking account features. It provides high-risk banking users with many of the benefits of a checking account, including the ability to deposit cash and use debit cards and ATMs. It allows clients to avoid paying high fees at check-cashing establishments or buying money orders to pay bills. Dealing with money is significantly riskier than having a second-chance checking account at a federally insured bank or credit union.

Best Second Chance Checking Accounts For Bad Credit

Are you in search of a checking account with a second chance? Here are a few of our favorites:

1. GO2bank

Green Dot offers a digital and mobile-first bank account called GO2bank. They provide many fantastic features, including incentives and high-interest savings, and they don’t require a credit check. Furthermore, you will have quicker access to funds, including wages and stimulus checks.
The best characteristics are:

• There are no monthly fees with overdraft protection, qualifying direct deposit, and more!
  
• $0 is the minimum amount required to open an account.
  
• 19,000 ATMs are available for free.
  
• The maintenance charge is $5 per month; however, you can waive it with an eligible direct deposit.
  
• There are no additional account requirements.
  
  Fees to be aware of:
  
• Out-of-network ATMs charge a $3.00 surcharge.
  
• They charge a $3.00 fee for cash withdrawals from a teller.
  
• Depositing cash may incur a cost of up to $4.95 in retail service fees.
  

2. Chime

Chime is an internet and a mobile-first bank account that is changing how people bank. They market themselves as exceptionally accommodating to second-chance bank accounts, with no credit check and no use of the ChexSystem (banking score).
The best characteristics are;

• 38,000 free ATMs.
• free debit cards.
• no monthly fees.
• up to $100 in overdraft protection.
• $0 is the minimum amount required to open an account.
• 38,000 ATMs are available for free.
• $0 in monthly maintenance fees.
• No other account requirements.
  

There is only one fee to be aware of; $2.50 for out-of-network ATMs.

3. Chase Secure Banking℠

The Chase Secure BankingSM checking account is an excellent essential checking account choice that doesn’t examine your credit or banking score. It comes with a monthly subscription, but if you’re looking for a reliable banking choice, it could be worth it.

The monthly price for Chase Secure BankingSM is $4.95. But right now, when you establish an account and perform qualifying activities, you may earn a $100 bonus. That’s fantastic!
The best characteristics are:

• A second-chance checking account with a large bank with many locations.
  
• $0 is the minimum amount required to open an account.
  
• Monthly number of accessible ATMs: 16,000 $4.95 service charge
  
• No other account requirements exist.

4. Radius Essential Checking

In all 50 states, the Radius Essential Checking account is accessible.
Best features:

• It has free ATMs and the option to upgrade to the Radius Rewards Checking account after a year of sound banking.
  
• Opening a bank account requires a minimum deposit of $10.
  
• 32,000 MoneyPass ATMs + SUM ATMs are available for free.
  
• The maintenance fee is $9 per month.
  
• Additional account requirements include limitations on debit cards that are $500 per day, while mobile check deposit limits are $1,000 per day.
  
  Fees to be aware of:
  
• Non-sufficient-funds cost of $25 per item (waived on any overdraft items of $5 or less).
  
• Overdraft cost of $5 per day.

5. Peoples Cash Solutions Second Chance Checking

In all 50 states, the Peoples Cash Solutions Second Chance Checking account is accessible.
Best features:

• Free ATMs and the option to upgrade to the Radius Rewards Checking account after a year of sound banking.
  
• To open an account, you must have a minimum of $30.
  
• Only Peoples Cash Solutions have free ATMs (based in Texas).
  
• $4.95 per month for upkeep.
  
  Additional account requirements include registering for Mastercard ATM access, and when you use an ATM that Peoples Bank does not control, they will charge you $2 per transaction.
  
  Fees to be aware of:
  
• Overdraft cost of $27.50.
  
• Non-sufficient-funds cost $27.50 per item (not per day).
  
• The charge for a printed statement is $3.95. (avoid this by going digital).
  
• Peoples Bank charges a $2.00 ATM withdrawal fee at machines not controlled by the bank (this will apply even at Mastercard ATMs).
  
• Account termination costs $20. (if you close your account in 90 days of opening).

6. Wells Fargo Opportunity Checking

In all 50 states, the Wells Fargo Opportunity Checking account is accessible.
The best features are free ATMs, the ability to eliminate fees, and the ability to reverse an overdraft (if you overdraft and deposit on the same day, you may be able to avoid the overdraft fee). To start an account, you must have a minimum deposit of $25. 13,000 ATMs are available for free. ATMs from Wells Fargo

Monthly maintenance fee:

$10 (although you may avoid it by making ten debit card purchases per month, keeping a balance of at least $1,500, or receiving $500 or more in direct deposits per month).

Additional account requirements include:

You can avoid paying the monthly charge by performing one of the following things:

• Make ten transactions using your debit card each month.
  
• Maintain a minimum balance of $1,500.
  
• Monthly direct installments of $500 or more are available.

Fees to be aware of include:

• A $35 overdraft fee and a $35 returned item fee.
  
• Overdraft transfer charge of $12.50 (when you transfer from a savings account).
  
• The fee for returned items is $12.

The account options of banks and credit unions vary. Look for the features and services that are most relevant to your everyday financial needs in a checking account. Then, when you’re ready, utilize the account properly to progress to a conventional checking account.