If you have a had a bad banking history, you might have had an account closed in the past or a loan application rejected. This will lead to troubles if you wish to open a new checking account. However, second chance checking accounts will serve your purpose. They could help you escape from the past bad banking choices. They are ideal for those individuals who are considered to be risky clients according to the standards of banking.

A second chance checking account is similar to a regular checking account but has specific conditions. You might be charged a monthly fee for the account which may range from anything between $10 to $20. You may also be asked to maintain a minimum balance in the account. In addition, a few banks and credit unions do not issue debit cards to these account holders and also put a limit on the number and amount of transactions per month. There are certain banks which require customers to take a short course in money management before they open an account.

You may use the account to pay bills, deposit money, or withdraw money. Most importantly, the account may help you restore your standing in front of the bank. With responsible use of the account, the bank could transition you back to your free checking account. You might have to put in a request for the same or it could also happen automatically over a period of time.

How to get a second chance checking account?
The process of application for a second chance checking account is simple and straightforward. Begin by getting an appointment with the bank and tell them you are interested in the account. You will be required to fill up forms for the same. Do ask about the process to transfer from this type of an account to a regular checking account. Clarify all your doubts and be very clear about the fees for the account. You need to be aware of every liability you might have after the account is opened.

Operate this account responsibly in order to build trust among bankers in the future. Once you are transitioned from this account to a regular checking account, you will be able to enjoy the free services. This account gives you another chance at building a reliable reputation and working over the wrong choices you made in the past.