What Is Second Chance Banking?

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"%3Cscript%20src%3D%22https%3A%2F%2Fwww.googletagmanager.com%2Fgtm.js%3Fid%3DGTM-MP6F46L%22%20data-consent%3D%22ANALYTICS%22%20data-track-load%3D%22gtm%22%3E%3C%2Fscript%3E" });</script> <script type="application/ld+json"> {"@context":"http://schema.org","@type":"Article","mainEntityOfPage":{"@type":"WebPage","@id":"https://www.businessinsider.com/personal-finance/banking/what-is-second-chance-banking"},"editor":{"@type":"Person","name":"Sarah Silbert"},"author":{"@type":"Person","name":"Sophia Acevedo","sameAs":"https://www.businessinsider.com/author/sophia-acevedo"},"publisher":{"@context":"http://schema.org","@type":"Organization","name":"Business Insider","legalName":"Insider Inc.","foundingDate":"2007","url":"www.businessinsider.com","sameAs":["https://www.instagram.com/businessinsider","https://www.twitter.com/businessinsider","https://www.facebook.com/businessinsider","https://www.linkedin.com/company/businessinsider","https://www.youtube.com/@BusinessInsider"],"founder":{"@type":"Person","name":"Henry Blodget"},"logo":{"@type":"ImageObject","url":"https://www.businessinsider.com/public/assets/logos/structured-data.png"}},"headline":"What is Second Chance Banking?","alternativeHeadline":"What is Second Chance Banking? Checking Accounts for Bad Credit","image":{"@type":"ImageObject","url":"https://i.insider.com/623ca9c2a2e45b001950367a?width=1200&format=jpeg","width":1200,"height":900,"caption":"Second chance banking bridges gaps in banking that affect low-income communities and people of color."},"name":"What is Second Chance Banking? Checking Accounts for Bad Credit","datePublished":"2024-07-23T23:20:00Z","dateModified":"2025-01-23T18:11:10Z","description":"Discover how second chance bank accounts can help rebuild your financial standing. You qualify even if you're denied from opening a standard checking account.","keywords":"","articleBody":"Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.Your ability to open a checking account is often largely dependent on your bank account history.Most financial institutions use ChexSystems— a credit reporting agency — to evaluate a person's trustworthiness. If you have a banking history, you won't be able to open an account, which may impact your ability to access additional bank services and products. The best second chance bank accounts provide a pathway for people who struggle to open a bank account. The role of second banking acknowledges systemic barriers in banking, so formerly incarcerated people and unbanked communities, in particular, have access to financial opportunities.Second chance banking helps people who normally can't open a checking account. Financial institutions with second chance banking options usually offer a special checking account that won't review a person's past banking history.A second chance checking account often have limited banking features to minimize the risk of potential bank fees. For example, many second chance checking accounts will not come with checks or debit cards to avoid overdraft fees.Others may have lower monthly bank maintenance fees or minimum balance requirements to make it easier to manage the account. Second chance bank accounts are best for people who have been denied from opening a traditional checking account at a bank due to a negative banking history.Second chance checking accounts may be used to build back your credibility. After a certain time — anywhere from a few months to a few years — you'll be able to open a traditional checking account with the bank.Second chance banking bridges gaps in banking that affect communities of color and low-income communities. Bank On, a program that's led by the non-profit organization the Cities for Financial Empowerment Fund, helps connect unbanked or underbanked communities with bank accounts.Tori Hamilton, the Bank On Connecticut program manager, says common barriers to banking among these communities include high minimum account requirements and specific U.S. identification. If you don't have a U.S. ID or Social Security number, you may be denied from opening a bank account. Opening a second chance bank account serves as a feasible banking option for new bank account customers or customers with a poor banking history because they have low minimum opening requirements and minimal bank fees. Financial institutions that offer second chance bank accounts might also make it easier for people to open an account with a foreign ID or passport.Quick tip: If you've struggled to open a bank account because you don't have a U.S. ID, read through our guide on bank and credit unions that make it easy for non-U.S. citizens to open an account.Constance Alberts, a director at the Bank On Greater Milwaukee, says having a bank account is integral for everyone because it builds a foundation for allowing people to reach their financial goals.\"If you start with that basic foundation of having a bank account, that changes the focus for a lot of people because now you're saving money. If you're saving money, that means you may have money to pay bills. Then, if you have money to pay bills, you're paying bills on time. If you're paying bills on time, then that affects your credit score. Once your credit score is affected, you're able to do some other things,\" says Alberts.Second chance banking also serves as an important step in financial freedom for formerly incarcerated people.Nancy Eiden, founder, board member, and secretary of the non-profit organization First Step Alliance, says a high percentage of recently incarcerated people are unbanked or underbanked both prior to and following their incarceration.When these individuals try to open a bank account, they may be denied because they don't have proper identification or because of their criminal history. Those who had bank accounts before incarceration also might experience an involuntary bank account closure due to inactivity or significant fees.Eiden says it's incredibly important to provide banking services and financial education to formerly incarcerated people as soon as possible, so they have the resources to help them build credit, save money, and achieve sustainable financial independence.First Step Alliance works with financial institutions to help formerly incarcerated people open and apply for banking services. It provides access to digital financial education and credit counseling through partnerships with reentry programs. The non-profit organization is also in the process of creating a credit union dedicated to meeting the financial needs of formerly incarcerated individuals and their families. In 2022, the National Credit Union Administration approved a new charter application for the proposed credit union, Diverge Proposed Federal Credit Union. First Step Alliance is seeking funding to establish regulatory requirements and has a goal of opening the credit union in 2025.Eiden says it's difficult for formerly incarcerated people to qualify for bank products and services at most financial institutions, so starting a credit union is an important step in reaching out to more people and addressing a larger systemic issue.Community development financial institutions (CDFIs) and FDIC-designated minority depository institutions (MDIs) also often serve local communities and acknowledge barriers specific to communities of color. Below, you'll find CDFIs and MDIs we've reviewed that have second chance banking options. You can read through our reviews for more information about each financial institution:If you need assistance managing a second chance bank account, you can implement the following strategies and tips to maintain your account balance and eventually graduate to a standard bank account: Many banks use ChexSystems, a credit reporting agency, to review your banking history. If you had your last bank account closed because you were unable to manage your account, that will be reflected in a ChexSystems report, and you might not be able to open a standard bank account. Second-chance bank accounts do not use ChexSystems, though. Some second chance bank accounts still have monthly service fees or out-of-network ATM fees. That said, it varies widely among banks. Online banks like Chime and Varo do not charge any common bank fees.If you keep your bank account balance positive for a specified period of time, many will often upgrade your second bank account to a regular account because you've rebuilt your banking history.You should look for opening requirements, limitations, and fees in a second chance bank account. For example, some second chance bank accounts offer debit cards and checks, while others do not have any, so you can avoid overdrafting. Per the Fair Credit Report Act, some negative banking history can stay in ChexSystems report for up to seven years. Usually, ChexSystems only retains information for five years, though.","articleSection":"Personal Finance, Banking, Checking Account","isAccessibleForFree":true,"hasPart":[{"@type":"WebPageElement","isAccessibleForFree":true,"cssSelector":".content-lock-content"}]} </script> <script type="application/ld+json"> {"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What makes me ineligible for a standard bank account but eligible for a second chance account?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Many banks use ChexSystems, a credit reporting agency, to review your banking history. If you had your last bank account closed because you were unable to manage your account, that will be reflected in a ChexSystems report, and you might not be able to open a standard bank account. Second-chance bank accounts do not use ChexSystems, though. </p>"}},{"@type":"Question","name":"Are there any fees associated with second chance bank accounts?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Some second chance bank accounts still have monthly service fees or out-of-network ATM fees. That said, it varies widely among banks. Online banks like Chime and Varo do not charge any <a target=\"_blank\" href=\"https://www.businessinsider.com/personal-finance/banking/how-to-avoid-bank-fees\" data-analytics-product-module=\"body_link\" rel=\"\">common bank fees</a>.</p>"}},{"@type":"Question","name":"Can I upgrade from a second chance bank account to a regular account?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">If you keep your bank account balance positive for a specified period of time, many will often upgrade your second bank account to a regular account because you've rebuilt your banking history.</p>"}},{"@type":"Question","name":"What should I look for in a second chance bank account?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">You should look for opening requirements, limitations, and fees in a second chance bank account. 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Checking Accounts for Bad Credit</h1> </section> <section class="byline-wrapper byline-wrapper-helpfulness " data-interaction-trigger="legacy-share,save-article,read-in-app-button" > <div class="byline " data-e2e-name="byline" > <div class="byline-content" data-e2e-name="byline-content" > <div class="byline-row"> <div class="byline-author-container"> <div class="byline-author headline-regular"> <span class="headline-regular">Written by</span> <span class="" data-e2e-name="Sophia Acevedo" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/sophia-acevedo" >Sophia Acevedo</a><span class="headline-regular">;</span></span> <span class="headline-regular">edited by</span> <a class="byline-link byline-author-name" href="https://www.businessinsider.com/author/sarah-silbert" >Sarah Silbert</a> </div> <time class="byline-timestamp headline-regular js-date-format" data-timestamp="2024-07-23T23:20:00Z" data-e2e-name="byline-timestamp" data-disable-relative-formatting > 2024-07-23T23:20:00Z </time> </div> </div> </div> </div> <section class="sharebar " data-component-type="legacy-share" data-load-strategy="interaction" data-location="" > <div class="share-button-dropdown-wrapper"> <button class="share-button sharebar-link headline-regular"><svg class="svg-icon share-icon " role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" fill="none" viewBox="0 0 12 12"> <defs/> <title>Share icon</title> <desc>An curved arrow pointing right.</desc> <path fill-rule="evenodd" d="M7.336 8.014l4.2-3.5-4.2-3.5v2.8h-2.54c-1.948 0-3.526 1.567-3.526 3.5v3.16h1.469v-3.16a2.05 2.05 0 012.056-2.042h2.54v2.742z" clip-rule="evenodd"/> </svg> <span class="button-text">Share</span> </button> <div class="share-dropdown-menu dropdown-menu"> <span class="dropdown-menu-item"> <span class="share-link facebook " data-facebook data-href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.businessinsider.com%2Fpersonal-finance%2Fbanking%2Fwhat-is-second-chance-banking&utmSource=facebook&utmContent=referral&utmTerm=topbar&referrer=facebook" label="facebook" title="Share on Facebook" aria-label="Click to share on Facebook" data-share-link data-flip-widget="" data-track-element="story" data-track-event-label="facebook" data-href-share="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.businessinsider.com%2Fpersonal-finance%2Fbanking%2Fwhat-is-second-chance-banking&utmSource=facebook&utmContent=referral&utmTerm=topbar&referrer=facebook" data-e2e-name="share-link-facebook" data-utm-term="" target="_blank" > <span class="dropdown-icon"><svg class="svg-icon social-facebook-icon " role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 24 24" aria-labelledby="Facebook" > <path fill="currentColor" d="M22 12.037C22 6.494 17.523 2 12 2S2 6.494 2 12.037c0 4.707 3.229 8.656 7.584 9.741v-6.674H7.522v-3.067h2.062v-1.322c0-3.416 1.54-5 4.882-5 .634 0 1.727.125 2.174.25v2.78a12.807 12.807 0 0 0-1.155-.037c-1.64 0-2.273.623-2.273 2.244v1.085h3.266l-.561 3.067h-2.705V22C18.163 21.4 22 17.168 22 12.037Z"/> </svg></span> <span class="dropdown-text headline-regular">Facebook</span> </span> </span> <span class="dropdown-menu-item"> <a class="share-link email " data-email data-share-link href="mailto:?subject=What is Second Chance Banking? 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However, our opinions are our own. See <a href="https://www.businessinsider.com/personal-finance/banking/methodology" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">how we rate banking products</a> to write unbiased product reviews.</aside> <div class="col-12"> </div> <figure class="figure image-figure-image as-notched" data-type="img" data-e2e-name="image-figure-image" data-media-container="image" itemscope itemtype="https://schema.org/ImageObject" > <div class="aspect-ratio" style="padding-top: calc(100% / (5731 / 2865))" > <meta itemprop="contentUrl" content="https://i.insider.com/623ca962a2e45b0019503667?width=700"/> <img src="https://i.insider.com/623ca962a2e45b0019503667?width=700" srcset="https://i.insider.com/623ca962a2e45b0019503667?width=400&format=jpeg&auto=webp 400w, https://i.insider.com/623ca962a2e45b0019503667?width=500&format=jpeg&auto=webp 500w, https://i.insider.com/623ca962a2e45b0019503667?width=700&format=jpeg&auto=webp 700w, https://i.insider.com/623ca962a2e45b0019503667?width=1000&format=jpeg&auto=webp 1000w, https://i.insider.com/623ca962a2e45b0019503667?width=1300&format=jpeg&auto=webp 1300w, https://i.insider.com/623ca962a2e45b0019503667?width=2000&format=jpeg&auto=webp 2000w" sizes="(min-width: 1280px) 900px" alt="couple speaks with banker in office to discuss banking options" decoding="sync" /> </div> <span class="image-source-caption with-caption-drawer"> <input class="caption-drawer-input" type="checkbox" id="caption-drawer-checkbox"> <label class="caption-drawer-label" for="caption-drawer-btn"> <svg class="svg-icon chevron-down-icon caption-drawer-icon" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 24 24" > <path fill="currentColor" fill-rule="evenodd" d="m19.44 5.5-7.486 7.72L4.56 5.594 2 8.234 11.954 18.5 22 8.14 19.44 5.5Z"/> </svg> </label> <figcaption class="image-caption headline-semibold" data-e2e-name="image-caption" > <span class="image-caption-text">Second chance banking is important because it bridges gaps in banking that disproportionately affect communities of color.</span> <span class="image-source-text"> <span class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText" > SDI Productions/Getty Images </span> </span> </figcaption> </span> </figure> <div class="sticky-toc-content-wrapper"> <aside class="sticky-toc as-aside" data-component-type="sticky-toc"> <nav class="sticky-toc-aside js-sticky-toc-aside"> <menu class="sticky-toc-menu"> <li> <a href="#intro-to-second-chance-banking" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Intro to second chance banking </a> </li> <li> <a href="#benefits-of-second-chance-bank-accounts" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Benefits of second chance bank accounts </a> </li> <li> <a href="#how-to-find-second-chance-bank-accounts" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > How to find second chance bank accounts </a> </li> <li> <a href="#financial-habits-to-rebuild-your-banking-history" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Financial habits to rebuild your banking history </a> </li> <li> <a href="#faqs" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > FAQs </a> </li> </menu> </nav> </aside> <div> <section class="post-content typography with-sticky-toc-aside pfi-post" data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <div class="table-of-contents table-of-contents-sticky" data-analytics-module="jump-to" data-type="custom"></div><p></p><ul class="summary-list"><li>A poor bank account history may affect your ability in opening a checking account.</li><li>Some institutions offer second chance bank accounts if you can't open a standard checking account.</li><li>Second chance banking serves as an important stepping stone for formerly incarcerated folks.</li></ul><p>Your ability to open a checking account is often largely dependent on your bank account history.</p><p>Most financial institutions use <a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/what-is-chexsystems" data-analytics-product-module="body_link" rel="">ChexSystems</a>— a credit reporting agency — to evaluate a person's trustworthiness. If you have a banking history, you won't be able to open an account, which may impact your ability to access additional bank services and products. </p><p>The <a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/best-second-chance-bank-accounts" data-analytics-product-module="body_link" rel="">best second chance bank accounts</a> provide a pathway for people who struggle to open a bank account. The role of second banking acknowledges systemic barriers in banking, so formerly incarcerated people and unbanked communities, in particular, have access to financial opportunities.</p><h2 id="intro-to-second-chance-banking" data-toc-id="ce6169c7-c3a4-4775-8506-76cb2a8f4eec" data-toc-label="Intro to second chance banking" class="toc-anchor"><strong>Introduction to second chance bank accounts</strong></h2><h3 id="b826328b-31c6-4783-b57b-17b0a078657b" data-toc-id="b826328b-31c6-4783-b57b-17b0a078657b"><strong>What is second chance banking? </strong></h3><p>Second chance banking helps people who normally can't open a checking account. Financial institutions with second chance banking options usually offer a special checking account that won't review a person's past banking history.</p><p>A second chance checking account often have limited banking features to minimize the risk of potential bank fees. For example, many second chance checking accounts will not come with checks or debit cards to avoid <a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/overdraft-fees-what-banks-charge" data-analytics-product-module="body_link" rel="">overdraft fees</a>.</p><p>Others may have lower <a target="_blank" rel="noopener" href="https://www.businessinsider.com/personal-finance/banking/monthly-bank-maintenance-fee" data-analytics-product-module="body_link">monthly bank maintenance fees</a> or minimum balance requirements to make it easier to manage the account. </p><h3 id="abc78c7a-e9c4-421a-a8c4-96e293213563" data-toc-id="abc78c7a-e9c4-421a-a8c4-96e293213563">Who needs a second chance bank account? </h3><p>Second chance bank accounts are best for people who have been denied from opening a traditional checking account at a bank due to a negative banking history.</p><p>Second chance checking accounts may be used to build back your credibility. After a certain time — anywhere from a few months to a few years — you'll be able to open a traditional checking account with the bank.</p><h2 id="benefits-of-second-chance-bank-accounts" data-toc-id="3a4dc26d-c5c0-45fe-8492-0fbaf451d8db" data-toc-label="Benefits of second chance bank accounts" class="toc-anchor">Benefits of second chance banking</h2><h3 id="d5179704-88da-4da5-8342-af79e9a8d6a9" data-toc-id="d5179704-88da-4da5-8342-af79e9a8d6a9"><strong>Access to essential banking features</strong></h3><p>Second chance banking bridges gaps in banking that affect communities of color and low-income communities. </p><p>Bank On, a program that's led by the non-profit organization the Cities for Financial Empowerment Fund, helps connect unbanked or underbanked communities with bank accounts.</p><p>Tori Hamilton, the Bank On Connecticut program manager, says common barriers to banking among these communities include high minimum account requirements and specific U.S. identification. If you don't have a U.S. ID or Social Security number, you may be denied from opening a bank account. </p><p>Opening a second chance bank account serves as a feasible banking option for new bank account customers or customers with a poor banking history because they have low minimum opening requirements and minimal bank fees. Financial institutions that offer second chance bank accounts might also make it easier for people to open an account with a foreign ID or passport.</p> <aside class="quick-tip headline-regular ignore-typography"> <p><strong>Quick tip:</strong> If you've struggled to open a bank account because you don't have a U.S. ID, read through our guide on <a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/banks-credit-unions-for-immigrants-non-us-citizens" data-analytics-product-module="body_link" rel="">bank and credit unions that make it easy for non-U.S. citizens to open an account</a>.</p> </aside> <p>Constance Alberts, a director at the Bank On Greater Milwaukee, says having a bank account is integral for everyone because it builds a foundation for allowing people to reach their financial goals.</p><p>"If you start with that basic foundation of having a bank account, that changes the focus for a lot of people because now you're saving money. If you're saving money, that means you may have money to pay bills. Then, if you have money to pay bills, you're paying bills on time. If you're paying bills on time, then that affects your credit score. Once your credit score is affected, you're able to do some other things," says Alberts.</p><h3 id="ee4fad1e-8196-48f2-b1ec-5b12a3435554" data-toc-id="ee4fad1e-8196-48f2-b1ec-5b12a3435554"><strong>Financial freedom for formerly incarcerated </strong></h3><p>Second chance banking also serves as an important step in financial freedom for formerly incarcerated people.</p><p>Nancy Eiden, founder, board member, and secretary of the non-profit organization <a target="_blank" rel="noopener nofollow" href="https://www.firststepalliance.org/whoweare" data-analytics-product-module="body_link">First Step Alliance</a>, says a high percentage of recently incarcerated people are unbanked or underbanked both prior to and following their incarceration.</p><p>When these individuals try to open a bank account, they may be denied because they don't have proper identification or because of their criminal history. Those who had bank accounts before incarceration also might experience an involuntary bank account closure due to inactivity or significant fees.</p><p>Eiden says it's incredibly important to provide banking services and financial education to formerly incarcerated people as soon as possible, so they have the resources to help them build credit, save money, and achieve sustainable financial independence.</p><h2 id="how-to-find-second-chance-bank-accounts" data-toc-id="14f8c6ed-5acd-456d-a5e4-2eb2bbf3d343" data-toc-label="How to find second chance bank accounts" class="toc-anchor"><strong>How to find banks with second chance bank accounts</strong></h2><p>First Step Alliance works with financial institutions to help formerly incarcerated people open and apply for banking services. It provides access to digital financial education and credit counseling through partnerships with reentry programs. </p><p>The non-profit organization is also in the process of creating a credit union dedicated to meeting the financial needs of formerly incarcerated individuals and their families. In 2022, the National Credit Union Administration approved a new charter application for the proposed credit union, Diverge Proposed Federal Credit Union. First Step Alliance is seeking funding to establish regulatory requirements and has a goal of opening the credit union in 2025.</p><p>Eiden says it's difficult for formerly incarcerated people to qualify for bank products and services at most financial institutions, so starting a credit union is an important step in reaching out to more people and addressing a larger systemic issue.</p><p>Community development financial institutions (CDFIs) and FDIC-designated minority depository institutions (MDIs) also often serve local communities and acknowledge barriers specific to communities of color. </p><p>Below, you'll find CDFIs and MDIs we've reviewed that have second chance banking options. You can read through our reviews for more information about each financial institution:</p><ul><li>Chime®: Chime has checking and savings accounts that do not require a credit check or review by ChexSystems.</li><li><a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/capital-one-bank-review" rel="">Capital One</a>: Capital One doesn't use ChexSystems when you open any bank accounts.</li><li>Dave: Dave is a mobile fintech platform with a bank account that doesn't require a credit check. </li><li>Dora Financial: Dora Financial is a mobile banking platform that's fully available in English and Spanish. It has a checking account that doesn't require a credit check.</li><li>SoFi®: SoFi doesn't use ChexSystems to see if you qualify for <a target="_blank" rel="nofollow noopener" data-analytics-product-module="commerce_shortcode" data-analytics-product-id="621fd8aff7985a001ab8210f" data-analytics-product-brand="SoFi®" data-analytics-product-name="SoFi® Checking and Savings (Member FDIC)" href="https://offers.moneylion.com/channelTrackingOfferRedirect/7547f959-9958-4753-b9b8-16db78e66c25/e15362d2-3d04-43d2-9c56-ca715adba5d9">SoFi® Checking and Savings (Member FDIC)</a>.</li><li>Varo Bank: Varo doesn't use ChexSystems to review your bank account history when you open the Varo Bank Account or Varo Savings Account.</li><li>Carver State Bank: Carver State Bank is a Black-owned bank in Savannah, Georgia. The bank has Second Chance and First-Time Checking Accounts for people who struggle to open checking accounts with financial institutions.</li><li>First Independence Bank: First Independence Bank is a Black-owned bank in Michigan. The bank's First Choice Checking Account is a second chance checking account.</li><li>First Imperial Credit Union: First Imperial Credit Union is a Hispanic American-led credit union in California. The credit union's Opportunity Checking Account is offered to anyone who struggles to open a traditional checking account.</li><li>GECU: GECU is a Hispanic American-led credit union with branches in El Paso, Texas. GECU's second chance checking account lets you upgrade to another GECU fee-free checking account after six months.</li><li>Guadalupe Credit Union Simple Checking Account: Guadalupe Credit Union is a Hispanic American-led credit union in New Mexico that's also received a Juntos Avanzamos designation. The credit union offers a Second Chance Debit Account if you don't qualify for financial tools or services at most banks.</li><li>Hope Credit Union Rewards Checking Account: Hope Credit Union is a Black-owned credit union with locations in Alabama, Arkansas, Louisiana, Mississippi, and Tennessee. The bank offers a debit-only bank account and an "Easy Checking" account for rebuilding banking history.</li><li>OneUnited Bank: OneUnited Bank has branches in Boston, Los Angeles, and Miami. The bank also offers online accounts. At OneUnited, there's a second chance checking account called the U2-E Checking.</li><li>Rio Bank: Rio Bank is a Hispanic American-led bank with branches in Texas. The Fresh Start Checking account is the bank's second chance checking account.</li><li>River City Federal Credit Union: River City Federal Credit Union is a Hispanic American-led credit union with locations in San Antonio, Texas. The Fresh Start Checking Account is a second chance bank account that helps you rebuild your financial history over 12 months. After 12 months, you'll have the chance to open a traditional checking account at the credit union.</li><li>St. Louis Community Credit Union: St. Louis Community Credit Union has branches in Missouri. The credit union offers a second chance checking account with checks and a debit card.</li><li><a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/the-first-bank-review" rel="">The First Bank</a>: The First Bank is a community development financial institution with branches in Alabama, Georgia, Illinois, Mississippi, and Louisiana. The bank has a second chance checking account without checks, and you can upgrade to another checking account after six months of opening it.</li><li>Woodforest National Bank: Woodforest has over 760 branches in 17 states. The bank's second chance checking account with a one-time set-up fee.</li></ul><h2 id="financial-habits-to-rebuild-your-banking-history" data-toc-id="b30a24e8-3ff0-4cb2-84a4-26ec0405c5e6" data-toc-label="Financial habits to rebuild your banking history" class="toc-anchor"><strong>Financial habits to rebuild your banking history</strong></h2><p>If you need assistance managing a second chance bank account, you can implement the following strategies and tips to maintain your account balance and eventually graduate to a standard bank account: </p><ul><li><strong>Set up direct deposits: </strong>If you struggle with maintaining a positive account balance, you can set up direct deposits to make sure money is regularly added to your account. <a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/direct-deposit" rel="">Direct deposit</a> automatically lets you receive paychecks, government benefits, and tax refunds without having to deposit checks.</li><li><strong>Check your bank statements regularly: </strong>Another habit that can help you monitor your account balance is checking your bank statements each month. You can analyze your monthly expenses and income and determine if there are any expenses you can cut or monitor more closely. You may also want to <a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/how-to-budget" rel="">create a budget</a> using common strategies like the 50/30/20 rule or zero-sum method. </li><li><strong>Use a budgeting app: </strong>The <a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/best-budgeting-apps" rel="">best budgeting apps</a> have features that can help track your spending habits more effectively. For example, some budgeting apps can check your bills and subscriptions to help you cancel or get refunds for these services. A lot of budgeting apps also have features that help you set alerts for upcoming bills.</li><li><strong>Set bank account alerts: </strong>Many banks also allow you to set alerts for when your account reaches a certain balance. This can help with making sure you build good banking habits. </li></ul><h2 id="faqs" data-toc-id="a22363c6-4d85-406d-a7d3-682026fcd945" data-toc-label="FAQs" class="toc-anchor">Second chance banking FAQs</h2> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What makes me ineligible for a standard bank account but eligible for a second chance account?  </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Many banks use ChexSystems, a credit reporting agency, to review your banking history. If you had your last bank account closed because you were unable to manage your account, that will be reflected in a ChexSystems report, and you might not be able to open a standard bank account. Second-chance bank accounts do not use ChexSystems, though. </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Are there any fees associated with second chance bank accounts? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Some second chance bank accounts still have monthly service fees or out-of-network ATM fees. That said, it varies widely among banks. Online banks like Chime and Varo do not charge any <a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/how-to-avoid-bank-fees" data-analytics-product-module="body_link" rel="">common bank fees</a>.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Can I upgrade from a second chance bank account to a regular account? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">If you keep your bank account balance positive for a specified period of time, many will often upgrade your second bank account to a regular account because you've rebuilt your banking history.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What should I look for in a second chance bank account? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">You should look for opening requirements, limitations, and fees in a second chance bank account. For example, some second chance bank accounts offer debit cards and checks, while others do not have any, so you can avoid overdrafting. </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown collapsable-faq-dropdown-last" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> How long does negative information stay in systems like ChexSystems? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Per the <a target="_blank" rel="noopener" href="https://www.ftc.gov/legal-library/browse/statutes/fair-credit-reporting-act" data-analytics-product-module="body_link">Fair Credit Report Act</a>, some negative banking history can stay in ChexSystems report for up to seven years. Usually, ChexSystems only retains information for five years, though. </p> </div> </div> </div><iframe data-src="https://products.gobankingrates.com/pub/bcf1f183-92e6-4401-ac5f-d7b47ca8c33c?targeting[subcategory]=pfi&resize=1&ident=99&pub_inventory=banking/what-is-second-chance-banking-pfi-banking" data-indent="99" scrolling="no" frameborder="0" width="100%" style="min-width:300px;max-height:475px;"></iframe> <script async="" type="text/javascript" id="go-banking-resize"> window.addEventListener('message', onGoBankingResize, false); function onGoBankingResize(e) { { if (e.origin === 'https://products.gobankingrates.com' && e.data) { if (e.data.source && e.data.id && undefined !== e.data.height) { var id = 'iframe[data-indent="' + e.data.id + '"]'; var chosenFrame = document.querySelector(id); if (chosenFrame) { var height = e.data.height + 'px'; chosenFrame.style.height = height; } } } } } </script><section class="post-authors" data-component-type="post-author"> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/sophia-acevedo" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="sophia-acevedo"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/6554fbef36d588dc55d0ea4a?crop=1:1&width=256&format=jpeg&auto=webp" alt="Sophia Acevedo's face against a gray background"> <noscript> <img class="no-script" src="https://i.insider.com/6554fbef36d588dc55d0ea4a?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/sophia-acevedo" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Sophia Acevedo</div> </a> <div class="post-author_title headline-regular">Banking Editor</div> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded0"> <div class="post-author_bio_content"> <span>Sophia Acevedo is a banking editor at Business Insider. She has spent three and a half years as a personal finance journalist and is an expert across numerous banking topics. </span><span><span class="headline-semibold">Experience</span></span><span>Sophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "<a href="https://www.businessinsider.com/category/my-financial-life" rel="">My Financial Life</a>," which focused on telling stories that could help people live and spend better. </span><span>She's also covered the the following stories during her time at Business Insider: </span><ul><li><span><a href="https://www.businessinsider.com/personal-finance/banking/best-budgeting-apps" rel="">Best budgeting apps</a></span></li><li><span><a href="https://www.businessinsider.com/personal-finance/banking/best-banks" rel="">Best banks</a></span></li><li><span><a href="https://www.businessinsider.com/personal-finance/banking/how-much-should-i-save-each-month" rel="">How much should I save each month</a></span></li><li><span><a href="https://www.businessinsider.com/personal-finance/banking/what-happens-if-my-bank-fails" rel="">What happens if your bank fails</a></span></li><li><span><a href="https://www.businessinsider.com/personal-finance/banking/savings-rate-forecast" rel="">2025 savings rate forecast</a></span></li></ul><span>Sophia has spent seven and a half years writing and editing as a journalist. She began her journalism career at her college newspaper, where she took on various roles.</span><span>Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE Accounts, tax-free savings accounts for people with disabilities. She was also a winner of a <a href="https://cnpa.com/cja/2018campus/" rel=" nofollow">2018 California Journalism Awards Campus Contest</a> for her photography.</span><span>She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.</span><span><span class="headline-semibold">Expertise</span></span><span>Sophia's expertise includes:</span><ul><li><span>Bank accounts</span></li><li><span>Savings and CD rate trends</span></li><li><span>Budgeting</span></li><li><span>Saving</span></li><li><span>How banks operate</span></li></ul><span><span class="headline-semibold">Education</span></span><span>Sophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.</span><span>Sophia is a member of the National Association of Hispanic Journalists.</span><span>She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.</span> </div> <label for="expanded0" role="button" class="post-author_bio_more">Read more</label> <label for="expanded0" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> </section> <div class="featured-products sticky-featured-product"> <span class="headline-semibold featured-products-heading">Top Offers From Our Partners</span> <div class="featured-product"> <a href="https://secure.money.com/pr/u8327de6ed05" target="_blank" data-analytics-product-area="image" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="SoFi® Checking and Savings (Member FDIC)" data-analytics-product-id="63cff3349bca6000112c3c92" class="featured-product-image not-content-link" rel="nofollow sponsored noindex"> <div class="lazy-holder lazy-holder " style="padding-top: calc(100% * 95 / 149)"> <img class="lazy-image " src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-content-type="image/png" data-srcs="{"https://i.insider.com/654be4c936d588dc55cd46e3":{"contentType":"image/png","aspectRatioW":1150,"aspectRatioH":304}}" alt="Sofi logo"> <noscript> <img class="no-script" src="https://i.insider.com/654be4c936d588dc55cd46e3?width=600&format=jpeg&auto=webp" /> </noscript> </div> </a> <div class="featured-product-hgroup"> <a href="https://secure.money.com/pr/u8327de6ed05" target="_blank" class="featured-product-heading not-content-link" data-analytics-product-area="title" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="SoFi® Checking and Savings (Member FDIC)" data-analytics-product-id="63cff3349bca6000112c3c92" rel="nofollow sponsored noindex"> SoFi® Checking and Savings (Member FDIC) </a> <span class="headline-semibold featured-product-sub-heading"> Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 1/31/2026. Earn up to 3.80% APY on savings balances (including Vaults) with direct deposit or qualifying deposit. <div class="component rich-tooltip featured-product-rich-tooltip" role="tooltip" data-tooltip-position="right"> <svg class="svg-icon tooltip-icon " role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 60 60"> <title></title> <desc>A tooltip</desc> <path d="M30.6 36.6l.1-1.2c.2-2.3 1.3-3.3 3.4-5.2 2.5-2.3 5.7-4.5 5.7-8.6 0-5-4.3-7.7-9.2-7.7-3.8 0-6.8 1.5-10 4.4l2.2 2.5c3.1-2.5 5-3.5 7.7-3.5 3.2 0 5.4 1.7 5.4 4.4s-2.2 4.2-4.4 6.1c-3.4 2.9-4 4.1-4 7.3v1.5h3.1zm.7 8.4v-4.6h-4.4V45h4.4z"></path> <path d="M30 0c16.6 0 30 13.4 30 30S46.6 60 30 60 0 46.6 0 30 13.4 0 30 0zm0 3C15.1 3 3 15.1 3 30s12.1 27 27 27 27-12.1 27-27S44.9 3 30 3z"></path> </svg> <div class="rich-tooltip-wrapper headline-regular"> <div class="rich-tooltip-message headline-regular">SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.</div> </div> </div> <style>.rich-tooltip-wrapper { display: none; }</style> </span> </div> <div class="featured-product-cta"> <a href="https://secure.money.com/pr/u8327de6ed05" target="_blank" class="featured-product-link not-content-link" data-analytics-product-area="button" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="SoFi® Checking and Savings (Member FDIC)" data-analytics-product-id="63cff3349bca6000112c3c92" rel="nofollow sponsored noindex"> Start Saving </a> </div> </div> </div> </div> </div> </div> </section> <section class="category-tagline body-italic"> <div> <p class="body-italic"><p style="font-size:14px;"><em>Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. <a href="https://www.businessinsider.com/personal-finance/personal-finance-editorial-standards">Read our editorial standards</a>.</em></p><p style="font-size:14px;"><em>Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.</em></p><p style="font-size:14px;"><em>**Enrollment required.</em></p></p> </div> </section></div> </div> <section class="post-content-more"> <div class="inline-newsletter-signup headline-regular loading insider-today" id="formContainer" data-component-type="inline-newsletter-module" data-event-label="insider_today" data-newsletter-id="1" data-newsletter-title="Business Insider Today" data-acq-source="personalfinanceverticalinline" data-track-view={"subscription_experience":"bi_value_unassigned","product_field":"bi_value_unassigned","element_name":"inline_newsletter"} > <section class="inline-newsletter-content"> <div class="inline-newsletter-insider-today-header"> <div> <div class="inline-newsletter-logo-tag"> <div class="inline-newsletter-logo"> <div class="lazy-holder lazy-holder has-transparency" style="padding-top: calc(100% * 24 / 318)" > <img class="lazy-image has-transparency" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src='/public/assets/BI/US/logos/newsletters/business-insider-today.svg' alt="Business Insider Today" /> <noscript> <img class="no-script" src="/public/assets/BI/US/logos/newsletters/business-insider-today.svg" /> </noscript> </div> </div> </div> <div class="newsletter-signup-header" id="signUpHeader" > Get the inside scoop on today's big stories<span class="homepage-newsletter-description-desktop"> - delivered daily</span>. </div> </div> </div> <div class="js-loader hidden"><svg class="svg-icon " version="1.1" xmlns="http://www.w3.org/2000/svg" role="img" width="50" height="50" viewBox="0 0 50 50" style="enable-background:new 0 0 50 50;" xml:space="preserve"> <path fill="#0a0a0a" d="M43.935,25.145c0-10.318-8.364-18.683-18.683-18.683c-10.318,0-18.683,8.365-18.683,18.683h4.068c0-8.071,6.543-14.615,14.615-14.615c8.072,0,14.615,6.543,14.615,14.615H43.935z"> <animateTransform attributeType="xml" attributeName="transform" type="rotate" from="0 25 25" to="360 25 25" dur="0.6s" repeatCount="indefinite"/> </path> </svg></div> <div class="error-request-message headline-regular hidden"></div> <div class="success-container__desktop d-none"> <div class="success-message-container"> <div class="success-message headline-semibold"> Thanks for signing up! 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