Second Chance Bank Accounts

What’s The Best Way To Get 2nd Chance Bank Accounts?

There are a ton of problems that resort in needing 2nd chance bank accounts, but the good news is that there are a lot of easy solutions. Lots of banks offer these, and it essentially boils down to two camps; physical banks and online ones. In this post I want to break down both of these so that you’re able to choose the right one for your situation.

Before we get too far, it’s important that you do what you can to get your old bank account back. For some, this is simply impossible to do, but there are a lot of situations where your bank will reopen your account if you pay back what’s owed to them (plus a fine, of course). This is always the best case scenario since you’re able to regain the benefits that you had before.

If getting your old account back is not an option there are some regular banks that offer 2nd chance accounts. The most well known is Compass, but they don’t operate in a lot of states. If you live in an area with a branch that’s close by, jump on these accounts. They offer most of the same benefits that bigger banks do with reasonable rates.

For those that live nowhere near a Compass branch (AKA most of you) another option is to check out the local banks in your area. I don’t mean local branches of big banks (Wells Fargo, Chase), I mean banks that are based in your area. These banks work hard to help out the people in their communities and are often willing to overlook any banking problems you’ve had in the past, and sometimes they’ll look past Chexsystem. Small banks tend to charge a bit more than big ones, and won’t offer things like mobile phone apps or feature packed websites, but at least it’s an account!

The next option is to try out an online alternative bank. Vision Premiere is one of the biggest companies that does this. With companies like this, your application is guaranteed to get approved as long as you have a valid Social Security number*. Once you apply you’re approved and you get all of the accompanying paperwork in a couple days via regular mail.

Fees associated with these accounts are very similar to those that you’ll pay at a normal bank, but rather than a flat monthly fee they come in a per-action form. This means that calling customer service or depositing cash multiple times will lead to small charges.

Either way you go about it these accounts are a heck of a lot cheaper than check cashing, and are a much safer way to manage your money. 2nd chance bank accounts come in a few different forms, and now that you know what you’re getting with each type you can choose the right one for you. Just remember that it’s always going to be best to get your old account back!

*The Social Security number thing on second chance bank accounts isn’t intended to be racist, it’s there as a terrorist prevention measure. Before this was implemented, these accounts were one of the easiest ways to move money around without it being detected. In a way, they were a lot like prepaid cell phones.

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