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.  These second chance checking accounts still charge overdraft fees and typically do NOT provide an overdraft limit, which many times is what caused problems for customers to begin with.

Those who are unable to qualify for second chance checking accounts will often go the route of prepaid debit cards.  These services sound like a great fix on the front side but when you dig deeper you realize that they charge fees for anything and everything.  These accounts will usually charge you a fee to use the card, speak to a person about your card, check your balance and anything else they can find to charge you for.  By the time all is said and done you’ve spent half of the money you put on your prepaid card on fees.  This option is worse for the customer than second chance checking accounts.