Second chance bank accounts are bank accounts for people who have had banking difficulties in the past. For example, a second chance bank account may be available to someone who has ended up on the ChexSystems list of "risky" bank customers. A second chance bank account may also be appropriate for someone who has had a recent bankruptcy or other credit difficulties, and who has been turned down by more "traditional" banks.
When you are evaluating different second chance bank accounts, you should look for the following features:
Is the bank FDIC insured?
Does the bank offer a debit card?
Is the debit card a MasterCard or Visa card that can be used at all retailers?
Does the bank offer online bill payment?
Is it easy to deposit funds into the account?
If you find a bank that offers these features, you should be able to save loads of money on check cashing and money order fees. Also, you will be able to use your bank account to make purchases in stores, on the internet, or by phone. You will have all of the benefits of a regular bank account again!
