When you aren’t able to get an account at a traditional bank, it’s easy to feel like you don’t have a lot of places to turn to. On the contrary! You have second chance bank accounts from traditional and alternative banks. In this post I want to show you what you can get with both types of second chance accounts so that you can know what you are getting yourself into, and are able to make an educated decision on which is going to be the best for you.
With a second chance account at a regular bank, you’re going to get all of the same features as normal accounts do. The problem is that they are rare, and cost you more than a regular account. Compass Bank is the biggest company that offers these, but most people don’t live anywhere near a Compass branch. Your local, smaller bank may offer something that can help, they do this mainly because they will do almost anything to get customers away from the bigger banks.
When it comes to alternative banks, things vary quite a bit. A company like Vision Premiere is going to offer many of the same features that you get with regular banks, except you don’t get checks. Rush Card will offer checks to some customers, but not all. Both of these companies offer direct deposit, overdraft protection, guarantees against fraudulent purchases, and a ton of other features. You are going to pay a bit more to use a company like this, but no matter what you’re paying it’s a hell of a lot cheaper than paying check cashing fees!
Using second chance banking is one of the best ways to manage your money when you are blacklisted from traditional banks. Not only are you keeping your money in a safe place, you’re also not paying any more check cashing fees, which saves you a big chunk of your paycheck every couple of weeks!