Second chance banking are bank accounts that offer another opportunity to people who have had problems with money in the past and are listed in Chexsystems (most banks work with those systems). They usually have several restrictions and higher fees, they can prevent the customer of having problems again and after a fixed number of months without negative incidences, Second Chance account holder can have a regular account. Most mainstream banks offer this kind of accounts because they find is the perfect alternative to the regular ones, and sometimes clients can also open their account online if they prefer.
In the United States there are lots of banks in almost every state offering this kind of accounts, like Woodforest National Bank, located in many Eastern cities of the USA , that offers standard business as well as financial education for entrepreneurs. Academy Bank has offices in 17 states and all of its branches are open 7 say a week, a great and very particular feature of this bank, which fits to the needs of people who have very different job schedules. US Bank is well known by people from all over the world and it also believes in second chance banking, but acceptance of people does not follow a standard rule, it varies depending on the branch you're applying for. California and North Carolina have the option of opening a second chance account in Alliance Credit Union. There are also banks run as a cooperative, working non-for -profit, like the Cardinal Community Credit Union, and it helps people who has had troubles in the past.
Fulton Savings Bank call this second chance “new opportunity” and they offer unlimited check writing without charges per check, free debit card, telephone banking and you can also pay your bills on the Internet. Bank on Jacksonville helps you finding a second chance bank by its “fresh start” workshop, where you can learn about future investments and how to keep your recrords in order. After that you can open your new account in several banks which are participating to give people a second opportunity: Fifth Third Bank, Regions Bank, Coastine Federal Credit Union, Jax Federal Credit Union, SunTrust, Wells Fargo Wachovia Bank, VyStar Credit Union and Regions Bank.
There are European banks that offer this “fresh start” opportunity, that's the case of BBVA Compass: it gives several services and options, from second chance checking to money management tools.
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