Second Chance Checking Accounts are checking accounts developed by institutions for people who have struggled in the past and are maybe on Chexsystems or have a poor credit score. Typically second chance checking accounts aren’t quite as lenient as regular checking accounts and may have some downsides. For example, some second chance checking accounts charge a monthly fee and then restrict services.
Posts under ‘Featured Posts’
Obama’s Financial Overhaul and Overdrafts
On Wednesday, President Obama release an 84 page document that goes over the aspects of his proposed “overhaul” of the financial system. On page 66 of this report he mentions future plans for overdraft protection.
Social Security Not So Safe
A recent decision by the California Supreme Court has overturned a ruling in the court case Miller v. Bank of America. It was decided that BofA lawfully used money from accounts containing Social Security deposits to recoup overdraft fees charged to the accounts. What does this mean for bank customers? In the past, banks have been eager to pass back fees taken out of accounts that receive Social Security deposits. If the bank was challenged…
Another Sucess Story
This article was published last week in The Consumerist, documenting a success story of a Bank of America customer that was able to get $315 worth of overdraft fees refunded with a simple letter to his bank. This is a prime example of how contacting your bank and threatening to take your business elsewhere can have a profound impact on getting your overdrafts back. I would again encourage everyone to keep hope…
Lesser Of Evils
In an earlier blog post I referenced potential legislation that is working its way through the system. The current demands are that banks require customers to opt-in to the overdraft program as well as require ATM’s and POS (point of sale) modules to alert the customer that they are about to overdraft their account and allow them the option of returning their potential purchase. Sounds great doesn’t it? No more…