Have a Second Chance With Banks In Spite of Poor History

Do you know that your inability to properly manage a bank account can earn you a bad reputation and give you a bad time while opening a new one? During the opening of a bank account the status of your savings and checking accounts is also checked just like your credit history.

Monitoring agencies like ChexSystems act for finding out the possible reasons behind an account closure or opening of new accounts and then reports the banks about their prospective account holders. It is very much possible that due to difficult financial conditions you have been rendered unable to access your current bank account then the second chance bank accounts offered by financial institutions like Chase and Wells Fargo can very well be an acceptable solution.

You can now open a second chance bank account with Wells Fargo against an initial deposit of $50 only and you will be required to pay an additional $10 or $12 for maintaining your online-only and paper account statements. If you have three or more account with the bank this accounted statement maintenance fee can also be waived completely. These second chance bank accounts also offer savings accounts as well as other facilities like debit card and online banking against conditions like maintaining a minimum balance of $2000 every day, making at least 10 debit card purchases or payments every month and also a mandatory direct monthly deposit of minimum $750. Zero ATM withdrawal fee is the biggest benefit of these second chance bank accounts.

Compared to Wells Fargo, a Chase access checking account can be opened for $25 only and the mandatory monthly fee of account maintenance with chase is $17. Account holders can also upgrade their accounts over a period of time but still there is no clear guideline from Chase about the eligibility criteria of an account up gradation. Account holders normally receive a notification when the can upgrade their accounts. Factors like your account status and your banking history are known as determining for a switch of accounts. Anybody can also open a second chance bank account with U.S. Bank too.

Second chance bank accounts with any of the above mentioned financial institutions give you a chance to reestablish and your credit reputation with the bank and they will also allow you to upgrade your second chance account to a regular account afterwards – after certain duration of time. As most negative information associate themselves with your account for a period of five years it is always better to have a better reputation built up sooner than later.