Second Chance Checking Accounts – What You Need to Know

Second Chance Checking Accounts are bank accounts for people who are stuck in ChexSystems. ChexSystems is a network of banks and/or credit unions that share information with member institutions about consumers and their banking practices. ChexSystems is considered a credit bureau and the information listed about you is shared with member banks. The information shared lets member banks know your banking history and if you are a good “risk”. While most people who are stuck in ChexSystems have bad credit, it is possible to have a good credit history and fico score while being listed in ChexSystems. Once you have been listed in the ChexSystems database, your listing will remain for five years.

For consumers who have found themselves stuck in the ChexSystems, their only option is to get what is called a second chance checking account. Second chance checking accounts are bank accounts that are more lenient when it comes to your banking past and will allow you to open a bank account even if you are listed in the ChexSystems database.

While most consumers welcome the opportunity to have another bank account, some find that second chance checking accounts come with lots of restrictions and outrageous fees. While most are legitimate, some are scams and even some of the legitimate opportunities are borderline scams and best left alone.

When looking for a bank account, consumers who are listed in ChexSystems need to realize that most of the second chance checking accounts will come with restrictions and may not be as convienent as the traditional bank account they once had. Conveniences such as debit cards are normally not an option and deposits may be held for as long as 14 days before being credited to their accounts.

The restrictions mean that consumers need to watch their account closely and monitor every transaction to ensure that deposits have posted before writing a check to pay bills. While this can be a daunting task, it must be done and you have to have the mentality that messing up and failure is not an option. While you are getting a second chance checking account, failure to properly manage your money will cost you in high fees and you will surely have another ChexSystems ding.

There are some banks that offer bank accounts that are not advertised or otherwise referred to a second chance checking accounts. These are real bank accounts without restrictions at fdic insured real banks. In fact, most of the time these are the normal checking accounts being offered to “good risk” consumers. These banks will not pull or will be more lenient if they do pull a ChexSystems report. While the opportunity is there, there is no guarantee of getting approved and most of the time you will have to have all past obligations to all past banks paid in full. This means that you will have to pay in full any bank you owe money to. While this may sound like a pain and it can be expensive, you need to look at the opportunity as a whole and see the benefit of not have any restrictions on your checking account and the possible fees involved.

If you want the opportunity to have a real bank account at a real FDIC insured bank and have met or can meet all obligations to past banks, check out Second Chance Checking Banks. Second Chance Checking Banks offers a free directory of banks that may offer you a checking account. For more information and to find your new bank, please visit

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