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 Chase. Check out these second chance checking accounts available to you this holiday season.
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 to maintain online-only statements or $12 for paper statements. A member may have this fee waived if he or she has three or more accounts with the bank.
These include debit cards, online banking, and a savings account. He or she must also have a minimum daily balance of $2,000, 10 debit card purchases and/or payments a month, or a total of $750 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 fees to determine if this type of account sounds appealing to you.
Chase Access Checking
Chase offers customers a Chase Access Checking account for $25 for customers that have a not-so-good reputation with banks. In order to maintain the account, an unavoidable monthly fee of $17 is charged. Over a period of time, a Chase Access Checking account is eligible for an upgrade.
Although this is possible, Chase does not provide a clear understanding of when an account is eligible for upgrade. Someone that is eligible will receive a letter or email notification that they can go into a branch and upgrade. Factors that determine the length of time it takes to switch over to a standard account include previous banking history and account status throughout the life of your Chase Access Checking account.
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 Bank Foundation Checking
PNC Bank offers Foundation Checking to customers that are interested in re-establishing their reputation with banks. A minimum of $25 is required to open a Foundation Checking account.
Effective on December 9, 2013, a monthly service fee of $7 will be applied to all Foundation Checking accounts. There will also be a $2 monthly fee for paper statements. Have an open account for at least six months and you will be eligible to open another one. Visit a branch and speak with a representative to learn more details.
The most beneficial aspect of second chance banking accounts is that most offer you a chance to upgrade to a normal account. Establish your credibility with a new bank for a period of time and you can get back into good standing with ChexSystems.
The new year is right around the corner so it is a good time to establish good habits. Get a jump start on improving your credibility with banks by opening a second chance checking account.
The majority of negative information remains on your account for five years, so it’s better to build your reputation sooner rather than later. Manage a new account to help you budget your finances as you shop during this holiday season.