Second Chance Checking Accounts

A second chance checking account is an account given to you by the bank even if you are on the Chexsystems List. A second chance checking is much like a fresh start checking account. The banks know that you have had a bad history with checking accounts, and they are willing to give you another chance at having another one. It is fairly easy to get a new checking account under this program. You can even find places that will let you apply online to start your new checking account.

When you finally get your new second chance bank account, you must make sure you take proper management on your account. You do not want to get any more NSF or Overdraft fees on your checking account. Not only for the obvious reason that NSF and Overdraft fees will cost you money, but depending on your bank’s policies, they might cancel your account the moment you get fees on your second chance account. They know you have had a bad history with past accounts, and they do not want history to repeat itself in this case. A lot of second chance checking accounts will not have the same benefits as your last regular checking account. Because of your bad credit history with a checking account, they might limit some ways you will be able to purchase items with your account. That is not the case with all banks and financial institutions, but banks might do that. One example is that they might only let you use your debit card for debit purchases and not credit purchases. This is when you purchase something with your debit card and the teller asks you debit or credit. You can use your debit card for either one, but when you say credit, those transactions can take a lot longer to process and reflect onto your checking account. The debit transaction is when they have you put in your pin number. Those can take as little as a day or even less to process and reflect onto your checking account.

So here are some tips to help manage your new second chance checking account so you do not have problems in the future.

Make sure you keep an ample amount of money in your checking account. Keep at least 200 to 500 dollars in your checking account, and plan on not even touching it. It is better to pretend that it does not even exist. If in case of an emergency, it is alright to use those funds as long as you immediately replace them. The idea here is that you do not want your account to go anywhere near zero.

Write down all transactions to your account. Get a convenient little book like one of those the banks give you with your debit card to write your transactions down. You can get something else like a check book if you please, just something to write the transactions down.  If you have automatic payments or a company charging you each month, make sure you have it written down. Unless you are writing down all your transactions, do not use your card for small purchases like a cup of coffee. It takes a long time for transactions to reflect on your account when you are using your debit card on credit transactions. It is better to withdrawal money from your second chance checking account and then use cash for small purchases. That way you also have a visual track of how much money you are spending.

It feels good when you no longer have to worry about a NSF or Overdraft fee because you are managing your account better. It is unfortunate how much the banks charge for these pesky fees, but until the rules are changed, we have to live with them. With a new second chance checking account, you do not want to take any risks.