Also called non-ChexSystems checking accounts and bad credit checking accounts, second chance checking accounts provide an alternative to those who have had financial struggles and have subsequently had their bank account suspended or closed.

Despite popular belief, checking accounts are normally not refused because of a negative credit report, but rather because of ChexSystems.

Any type of financial misdemeanor will place the account holder at risk of being included in ChexSystems, a consumer reporting agency and check verification service.

This company records information about a consumer whenever a check is bounced, the overdraft limit is exceeded, or a payment is not honored. When this is done, ChexSystems will maintain a negative entry against the customer’s name which, in turn, means that, when the customer goes to apply for an account elsewhere, he will likely be denied.

It is a good idea for consumers to get a copy of their ChexSystems report to review for any inaccurate or false information. If the report contains any information which is false or inaccurate, the information can be revised or deleted.

However, if all the information is accurate, then a second chance account is likely the next step to take.

Second chance bank accounts are a real opportunity to get things back on track. They are very much like regular bank accounts in that the account holder can pay bills, access their money, and have most of the same benefits of a “regular” account.

A variety of banks and finance companies offer second chance bank accounts. You can even find some of these companies on the internet. Two of the larger and more well-known ones which offer second chance checking accounts are Bank of America and US Bank.

Opening an account is easy and is recommended for anyone who needs a second chance at checking and can even help to rebuild credit.