A checking account is important to your financial well-being. Access to cash, payment for good and services, online shopping, money transfers, direct deposit, mobile tools to manage your financials, and peace of mind are just a few benefits of having a checking account.
But millions are without a checking account. If you’ve struggled with non-sufficient funds (“NSF”) charges, bounced checks, or unpaid fees at a bank or credit union, that gets reported to a company called ChexSystems. And the vast majority of banks and credit unions in Michigan use ChexSystems to screen new accounts. You can be locked out of the financial system for up to 5 years!
But there is a way. A few banks and credit unions in Michigan offer second chance checking accounts. Others don’t use ChexSystems at all. And there are national banks that offer some incredibly robust second chance checking accounts without any monthly fees, account minimums, or other ‘gotchas’.
Ready to find the right bank or credit union that wants your business?
CheckingExpert has helped thousands of people just like you open second chance checking accounts. We’ve selected the best accounts in Michigan for 2020 based on acceptance rates, checking account features and benefits, and the accounts with the lowest fees. Best of all, you can open an account today!
The Best Second Chance Banks of 2020
BBVA Online Checking is our hands-down winner for the best second chance bank account for residents of Michigan. They have the strongest offering of any of our recommendations. No hidden fees, no monthly minimums, and no monthly charges. BBVA uses EWS to screen applicants instead of ChexSystems, so it’s easy to get approved and takes about 3 minutes. Plus, their smartphone app and online tools are the best we’ve reviewed.Why do we recommend BBVA Online Checking so highly? If you’ve got poor credit or find yourself on ChexSystems, BBVA will approve you for an account.
- NO monthly fees or service charges
- NO monthly account balance minimums
- NO fees at over 64,000 Allpoint® and BBVA ATMs worldwide
- FREE online banking, bill pay, and mobile deposits
- FREE unlimited check writing
- FREE Visa® debit card
- Open with as little as $25
It’s simple to apply. The BBVA website is simple and easy to interact with. There is a $25 minimum deposit required to open an account. You’re online approval is immediate. BBVA is one of the most friendly banks for those who need a second chance at a checking account. The entire process from start to finish takes about 3 minutes.
Your BBVA Visa Debit Card allows you access to all BBVA ATMs and Allpoint ATMs. Allpoint ATMs can be found at these retailers and many more:
Our runner up is Chime Bank and is another great checking account option. Chime doesn’t perform ChexSystems background checks and the account comes with lots of perks, including a debit card and transaction alerts, which allow you to track how much you’re spending and what your balance is throughout the day. It’s free to open an account and there’s no monthly maintenance fee or other hidden fees.Another perk that makes this account stand out is that if you use direct deposit for paychecks from your employer, you can access that money two days sooner than you could with many other banks.
Though Chime doesn’t offer paper checks, users can still send checks to anywhere in the U.S. using the bank’s mobile app — which can also be used for making check deposits on the go.
Open a Chime Bank account today!