Second Chance Banks
Banking mistakes are an unavoidable part of life and should not hinder your future financial goals. This experience is shared by many, and it can feel like an intimidating proposition to get out of the situation without second chance banks. The vast majority of banking institutions, as well as partners including credit unions, operate with the help of databases for collecting information on the credit of prospective customers.
There are many different kinds of databases, and becoming accustomed to their position in the banking world can help in navigating the credit world. Account holder’s information may be stored by services such as Telecheck and Early Warning Services. This creates an unwanted and unnecessary culture of blacklisting, whereby banks may create parameters that must be met by potential account holders.
Due to the nature of these shared databases, banking institutions subsequently hold many of the same parameters, and it becomes extremely discouraging being dismissed by multiple banks. The general timeline of data maintenance is five years, a long time to go without opening a bank account.
However, when it comes to approaching these difficult circumstances, 007 Credit Agent is here to help. We have industry leading experience to navigate these issues, and our in-depth knowledge of credit allows us to offer a personalized approach to your situation. You can rely on us to bring dedication and experience to the table every time we work together.
Second Chance Account
This is where a second chance account comes in. This is a new start, a clean slate, a fresh opportunity to build positive credit and make important moves for your future. The second chance account is available at many banking institutions, and are targeted at individuals who may have limited success with credit databases.
007 Credit Agent knows the best and most suitable second chance account for each individual situation, and we offer the chance to find a new start! Analyzing important information such as features of the account, prospective benefits, fees, and acceptance rates, we bring the most reliable second chance account to our clients every day.
The Best Banks for Second Chance Accounts
Below we’ve rounded up five of the best banks for second chance accounts to fit your individual needs:
Corporate America Family Credit Union
Keeping family in mind, Corporate America Family Credit Union offers Fresh Start Checking, in which a second chance to build positive credit is offered. A minimum balance of $100 must be retained for a savings account, or Regular Share Account, while the Fresh Start Checking Account incurs a $10 monthly maintenance fee.
Perks of this option include free direct deposits, online account services, free ATMs across the country, and a free Visa debit card. With resources such as an included online study course for financial management, there is room for growth, while a $5 donation to The Hope Group gives access to membership. In keeping with it’s altruistic outlook, this donation funds university and college scholarships for prospective students.
IYKE Built Concept Logo White
Removing overdraft and non-sufficient fund fees is just the tip of the iceberg with Wells Fargo’s Clear Access Banking. A debit card only account, transactions are denied without sufficient funds, and a $5 monthly fee is more than manageable.
It’s nationwide services ensure complete coverage, while the minimum $25 deposit for account acquisition is among the cheapest. Online account management, bill pay, and Zelle transfers ensure convenience, while a Visa debit card is included. In addition to this, the 24/7 fraud team has got you covered.
Chime is an internet banking option combining affordability with convenience. It’s app is accessible and efficient, and a free Visa debit card comes as standard. There are no monthly charges or minimums, while worldwide ATMs (MoneyPass and Visa Pls Alliance) offer uniquely expansive coverage. Each purchase can also be rounded up to the nearest dollar, with the difference deposited straight into savings.
With a range of options and features, BBVA is a prominent operator in the second chance banking world. The BBVA online checking account has it all. It’s award-winning service offers no monthly service charge, online bill payment, as well as direct and mobile deposits.
There are no balance minimums for maintenance and continuity of service, and no-fee ATMs worldwide. Money transfers are free via Venmo and various other services, and the account can be opened with as little as $25. A Visa debit card comes standard, and cash back rewards ensure your money works hard in the long run.
Washington Savings Bank
In terms of a second chance bank, Washington Savings has some prominent features that make it an essential option. Online Rewards Checking ensures a continuous experience of growth, while its accessibility keeps you informed and supported along the way. CheckSystems, the service it uses for acceptance, is relaxed and amenable to a variety of different situations.
Despite it’s $14.95 monthly fee, a year of good standing incurs admission into a free checking plan. Additionally, a Mastercard EMV debit card comes included, along with mobile banking and a plethora of budgeting tools to hep you along the way. Free eStatements keep you up to date, and other online banking services are available. All in all, this is a great start to a better future.
Here at 007 Credit Agent, we have the knowledge and experience to guide you in the world of second chance banks, and we are excited to work with you today. Get in touch and see how we can help revitalize your financial future!