Can You Save Money With Second Chance Banking?

If you’re struggling to get approved for a checking account at a regular bank, second chance banking is one of the few legit options out there for managing your funds.  They do cost more than a standard account, but when it is much cheaper than what the alternatives are!  In this post I want to compare some of the prices of your available options, as well as how the fees work with second chance accounts.

For those that have a bank account at a traditional bank, a second chance account doesn’t make any sense.  Even if you’re stuck with a fairly high monthly fee, you’re probably still better off with your current bank.  In this case, it would make more sense to try and swap banks to save money, rather than looking into alternatives.

If you simply can’t get a bank account, you’re probably stuck paying the fees to cash your checks.  Each state has their own rates for check cashing, but since it’s usually a percentage of the check, the more you make the more you pay!  Check cashing is incredibly expensive and is much more than the fees you’re going to pay with a second chance account.

Each second chance bank account company is going to have their own rates and terms.  The common charges are either a flat monthly fee (best if you make/spend a lot) individual charges for different things like withdrawing, transferring, depositing at an ATM, calling customer service, overdrafts, or for debit charges.  Be sure that when you’re researching companies to use, you look closely at their fees so that you can find the one that aligns the closest with your income and spending habits.  It’s not hard to find the one that jives the best, so spend an extra few minutes checking out a few more companies.

It certainly is possible to save a lot of money with a second chance account, as long as it’s the only way you can have an account.  Stop wasting your money on check cashing and get a real way to manage your hard earned money!

Tags: check cashing feessecond chance accountsecond chance bank accountssecond chance bankingsecond chance banks