Facing Credit Challenges? Explore These Flexible Bank Accounts
Dealing with financial products like credit cards and checking accounts can be tough if you have a bad credit history. But as more people face credit challenges and bankruptcies, many banks are stepping up to help out. If your credit score isn’t great, here are some banks that might give you a second shot:
**National Banks**
– **Wells Fargo**: They offer an ‘Opportunity Package,’ which includes a checking account and up to three additional services. Fees and details may vary by state, but generally, there’s a $10 monthly fee if your account balance is below $1,000 on average or if you don’t have a regular direct deposit.
– **Woodforest National Bank**: Although a bit on the expensive side, you can get a second chance checking account here. The maintenance fee is $7.95 per month with direct deposits and $9.95 without them. Plus, there’s a $9 setup fee.
– **First American Bank**: They offer a ‘Fresh Start’ checking account with a $9.95 monthly fee and require a $50 deposit to open. After that, there’s no minimum balance needed.
– **Central Bank**: They have a ‘Clean Start’ checking account with an $8 monthly fee and a minimum balance requirement, though you’ll need to contact the bank for exact details.
– **Liberty Savings Bank**: Their ‘Clean Slate’ checking account doesn’t require a minimum balance. If you avoid having a non-sufficient funds issue for 12 months, you can move to a regular checking account. The monthly fee isn’t listed on their site.
**Local Banks**
Many smaller local banks also offer second-chance checking accounts. A website called Second Chance Checking Accounts provides a list by state of banks that offer this service. If you’re outside the US, there are similar options available. For example, Positive Home Loans is a good choice for people in Australia.
**Important Reminder**
If your checking account history shows non-sufficient funds, ChexSystem has probably taken note. Before opening a new account, make sure you’ve paid off any outstanding fees to present a clean record. Even if your name remains on ChexSystem, having all debts settled can help when opening a new account.
Many banks are cautious about offering accounts to those with a history of financial mismanagement. However, some national and local banks are willing to give people another chance. Once you open a new account, manage it responsibly to eventually qualify for accounts with lower monthly fees.