Which Major U.S. Banks Offer Second Chance Checking Accounts?

Learn about the most promising second chance checking accounts available to anyone that is having trouble opening a new bank account.

Written by Gerald Morales

Financial Expert

Have you burned bridges with your previous bank or banks? Are you finding it difficult to open a new account to help you manage your money during the holidays?

Failing to manage one bank account properly could give you a bad reputation amongst most financial institutions. There is a way to open a bank account — a second chance checking account is your way back into the bank’s good graces.

Just like your credit is monitored, so is the status of your checking and savings accounts.

ChexSystems is the monitoring agency that banks report to and lists a variety of reasons why you may have had an account closed and are having a hard time opening a new one.

Financial hard times could have left you without a bank account to deposit and access money from.

You may have honest intentions to get your finances in order but with things such as checking account fees on the rise, it can seem virtually impossible.

If you are having a difficult time opening a checking account — rest assured, second chance checking accounts are available from financial institutions such as Wells Fargo and Capital One.

Wells Fargo Opportunity Checking

Wells Fargo Opportunity Checking allows those with bad banking history to open an account for just $50.

Once enrolled, a monthly service fee of $10 is applied if you’re unable to meet the minimum daily balance requirement, direct deposit amount, or posted purchase debits/payments.

To waive the $10 monthly fee, account holders must maintain a minimum daily balance of $1,500, 10 debit card purchases and/or payments a month, or a total of $500 or more in direct deposits.

The biggest benefit of this account is that there is a $0 cash withdrawal fee at Wells Fargo ATMs. There is, however, a $2.50 cash withdrawal fee at U.S. located non-Wells Fargo ATMs, with additional fees applied from the owner of the ATM.

Cash withdrawal fees at non-Wells Fargo ATMs outside the U.S. are $5 per withdrawal plus any additional fees from the ATM.

Learn more about the Wells Fargo Opportunity Checkingfees to determine if this type of account sounds appealing to you.

Capital One 360 Checking

Capital One offers customers a online, fee-free checking account that features no minimums and access to over 39,000 Capital One ATM’s.

Capital One 360 Checkingis $0 to open and maintain the account, plus allows account holders to earn interest that varies based on account balance.

When Capital One says there are no fees, they seriously mean no fees. No overdraft fees, ATM-withdrawal fees, mobile deposit fees, or even returned deposit fees.

Anyone is eligible to open the account, and quite possibly the biggest perk is that once your credit has improved, there is no need to change accounts or upgrade.

The biggest caveat to the account is that you cannot use a Capital One teller to perform transactions. For the perks it offers, no monthly fees, and ability to open regardless of your previous banking history, it is a fair tradeoff.

You can read up more about why we think Capital One 360’s checking account is the best to boost your credit.

U.S. Bank Second Chance Checking Account

Anyone can open a bank account with U.S. Bank. To open a second chance checking account you need a minimum deposit of $25.

You also need to be debt-free elsewhere. The monthly fee for U.S. Bank is $6.95 a month for online statements or $8.95 for paper statements.

This fee can be waived if you accumulate $1,000 or more in direct deposits throughout the course of a month, have a balance of $1,500 or more, or hold a line of credit such as a credit card or auto loan with U.S. Bank.

PNC Simple Checking

For those seeking a straightforward banking experience, PNC Bank offers Simple Checking. This account is designed to be accessible and low-maintenance, making it an excellent choice for students, seniors, or anyone looking to establish a healthy banking relationship without the risk of hidden costs.

Key Features and Benefits

PNC Simple Checking prioritizes ease of use with the following features:

No Overdraft Fees: The account is structured to help you stay within your means by eliminating overdraft penalties.
Low Entry Requirements: No minimum deposit is required to open the account online.
Monthly Service Charge Waivers: The monthly fee is automatically waived for customers under age 25 or age 62 and older. For everyone else, the fee can be waived with any qualifying direct deposit.
Comprehensive Digital Tools: Users have full access to the PNC mobile app, including Zelle®, mobile check deposits, and customizable alerts to track spending.
Broad Access: Enjoy cardless access at PNC ATMs and the ability to choose from several debit card designs.

Rebuilding Your Banking Standing

Choosing an account like Simple Checking is a proactive way to manage your financial reputation. Because it lacks overdraft fees, it serves as a “safety-first” environment to demonstrate responsible banking behavior.

Improve Your Record: Managing an account successfully over time is the most effective way to resolve negative history with ChexSystems.
A Fresh Start: Most negative banking information stays on your record for five years. Starting now with a predictable, low-fee account helps you build a positive reputation well before that window closes.
Future Growth: Building credibility with PNC now can open doors to more advanced financial products, like high-yield savings or credit cards, in the future.