For Bank Accounts - Part 2
PNC BankWith more than 160 years in the business, PNC has over 2,600 branches across 19 states, 9,000 ATMs, and access to online and mobile banking. They also offer a “second chance” checking account known as Foundation Checking. You'll need to satisfy some requirements to benefit from this kind of assistance, though. You are required to complete a workshop providing education on how to manage your finances. Don't see that as a burden, though. Think of it as a chance to learn some things that everybody needs to know, and nobody gets taught in school. Keep your activity positive for six months, and you'll get some options to upgrade. Along with checking, PNC Bank offers a Prepaid Visa Card and Visa Debit Card.
United BankBased in the Southern United States, United has been around since 1904. The second chance account up for grabs here is the Gateway Checking account, which allows you to upgrade if you keep everything in good order for six months. This upgrade is important, as you won't have access to the United Bank Debit Card until you pass muster.
What's more, you get access to Gateway Checking grants online and mobile banking, although there's a $10 monthly fee. One thing to keep in mind, whether or not you apply for the debit card, United does offer a prepaid card known as the Advantage Prepaid Card.
U.S. BankWho hasn't heard of this one? U.S. Bank is huge, the fifth largest commercial bank in the United States. Unsurprisingly, it also offers a special account for people with less-than-perfect credit, known as Easy Checking. You get all the benefits you'd expect from a regular account: online and mobile banking, an ATM card, and a Visa Debit Card (which you can use at U.S. Bank ATMs free of charge).
You also have access to a Secured Visa Card, designed to assist you in rebuilding your credit. You'll pay a monthly fee of $8.95, but this will drop to $6.95 if you just enroll in online statements. On top of that, having an average balance of $1,500, or a total monthly deposit of $1,000, will waive the monthly fee altogether.
USAAUSAA isn't a bank per se, but a Credit Union that's been offering banking services to the public since 1922. USAA also has a keen interest in assisting active military personnel, former military personnel, and their families. A good example of their service is the provision of extraordinarily low APRs during military deployment.
USAA offers the Free USA Secure Checking account, which is relatively easy for individuals with not-so-hot credit to obtain. There are no monthly fees, and you get access to not one, but two secured credit cards; both assist you in rebuilding your credit.
The first is the USAA Secured Card American Express (a real credit card with a small annual fee of $35), and the second is the USAA Secured Card Visa Platinum. Another thing on offer is the USAA Savings Account. This one is worth a close look.
Wells FargoHere is yet another big league option. Wells Fargo offers the Opportunity Checking account, which only costs $50 to open, provides you with online and mobile banking, and gives you access to the 13,000 Wells Fargo ATMs and 6,000 physical branches across the USA. They will waive a $10 monthly fee if you keep a minimum balance of $1,500, deposit $500 per month, or make ten bill payments of debit card purchases within a statement cycle.
Along with Opportunity Checking, which provides overdraft protection, you can get yourself the Opportunity Savings account, too! Two birds, one stone. Wells Fargo also offers a Secured Visa Credit Card, which - you've probably already guessed - assists you rebuild your credit.
Final WordNow that you've got the inside scoop and a generous list of options, you're ready to go out and open an account! Most of the institutions listed above are even willing to throw in a debit card or secured credit card for good measure. These tools are invaluable to anyone who's seeking to rebuild good credit.
Try these suggestions and see what offers suit you. If you do open an account, it's important to keep your account in good standing! You have a fantastic opportunity to leave that negative history behind and get a fresh start.
Here's one final tip for you: You might want to check out BBVA's Checking Account first. It's not guaranteed, but they might just give you a regular account from the get-go. Now it's your move, and good luck with your financial endeavors!