If you’ve ever been denied a bank account because of bad credit or problems with ChexSystems or Telecheck, you know how difficult and frustrating it can be. There are a few small banks and credit unions that offer second chance banking accounts, but they’re hard to find and usually charge exorbitant fees.
The researchers at CheckingExpert.com have looked at over 1,000 different checking accounts offered by banks and credit unions throughout the United States.
Among our findings is one bank which stands out as the very best in second chance banking. Best of all, as an online bank, it’s available everywhere and comes without any fees or charges while providing you all the services you need and deserve.
BBVA Online Checking
The BBVA Online Checking Account is our hands-down winner for the Best Second Chance Banking Account.
Unknown to some, BBVA is owned by a multi-billion dollar international bank and has won several awards for their leading products and online services. Simply stated, the BBVA Online Checking account has a combination of features no other bank can match. These include:
- NO credit check and no ChexSystems
- NO monthly fees or service charges
- NO monthly account balance minimums
- NO fees at over 64,000 Allpoint® and BBVA ATMs worldwide
- FREE award-winning mobile app (one of the best we’ve reviewed)
- FREE Visa® debit card you can personalize with your favorite photo
- FREE online banking, bill pay, and mobile deposits
- FREE money transfer to and from any email or mobile phone in the U.S. via Popmoney®, Venmo®, and other instant transfer services
- FREE dedicated team of mobile bankers you can contact via text, email, or phone
- FREE cash back rewards for everyday debit card purchases with Simple CashBack
- FREE unlimited check writing FREE Visa Zero Liability protects you against fraudulent purchases made on your debit card
Applying is simple. The BBVA website is simple and easy to interact with. There is a $25 minimum deposit required to open an account and once that deposit clears, you’ll be off and running. BBVA is one of the most friendly banks for those who have been negatively impacted by bad credit, ChexSystems, or Telecheck. The entire process from start to finish takes about 3 minutes.
For anyone interested, I signed up for a BBVA Bank checking account. I have been using the new checking account, debit card, online website, direct deposit, and customer service for over a month now. I have to say I am genuinely impressed with everything they have done with me and my account.
So far it seems like the ideal bank.
B. Lewis, BBVA Customer
Open a BBVA Online account today!
Getting Started Is Easy
Apply and make an initial deposit.
It takes about 3 minutes to sign up. You’ll need to make an initial deposit of $25 to get started. Deposit funds through direct deposit, transfer funds from another account, or deposit directly to BBVA.
Get your Visa card in the mail and set up your online banking account.
You’ll receive your ClearConnect Visa card in the mail in 5–7 business days. Then download the BBVA App and set up your account. Managing your account on your phone or computer has never been easier.
Use your ClearConnect Visa and checking account for all your day-to-day spending. You’ll have total control over your funds and can transfer money, pay bills and withdraw cash. And you can set alerts on the BBVA mobile app to carefully monitor your money.
Get an account now!
Best Second Chance Banks of 2019: The Runners Up
Unfortunately, some major banks don’t offer second chance checking, but many community banks and credit unions have them under various names, such as Opportunity Checking and Fresh Start Checking.
Some banks and credit unions offer so-called second chance checking accounts to help people rebuild their credit and financial histories. These accounts usually carry monthly fees and come with a few other requirements, such as participating in a financial literacy or money management class. An account holder might also not be eligible for overdraft protection, since second chance banking serves as a way to prevent overdrawing an account altogether.
Here’s an overview of these accounts and where you can find them at branches in your area.