Second Chance Bank Accounts

Second chance banking accounts are a fairly new service offered by non-traditional bank institutes.  The idea is that when you can’t get an account at a standard bank (Bank Of America, Wells Fargo) you can use these companies to get the same services.  There are lots of reasons that someone doesn’t have a bank account, you may be on the “list” of companies like Chexsystem or you might just want to stay off the grid.  Whatever your reason, there are other options, and in this post I want to explain how second chance bank accounts work.

The application process for second chance banking accounts is extremely easy.  All you need is to be a US citizen, and be able to prove it.  The entire process only takes a few minutes, and to speed it up have your SSN handy (if you don’t know it off the top of your head).  Generally, you are approved instantly after filling out the application, then your credit card and checks come in the mail in a couple of days.

No credit checks are required for an account.  They know that you’ve had problems in the past, so there is no sense in dragging the process along any further!  Instead, you apply, you get approved, and you start banking right away!

There are some fees that are involved with second chance accounts.  Each institution will have their own terms, but some common fees are overdrafts, withdrawals, direct deposit, or just a monthly fee.  The fees are small, and will save you a ton of money when compared to cashing checks.

Sometimes, these accounts are also called prepaid credit cards.  If you know anything about credit cards, prepaid is a poor way to describe it.  A prepaid credit card would be a debit card, and that’s what you get with a checking account.  Both terms (second chance bank accounts and prepaid credit cards) are thrown around quite a bit to describe the same thing, so don’t let the different names confuse you.  There are some prepaid credit cards that don’t offer checks, but those are rare.

Whatever the reason that you don’t have a checking account, you can still get a second chance banking account in just a few minutes.  Vision is a great company to use.  They offer very low fees and approve everyone who can prove that they live in the country!  Click the banner ad to your right to apply now!