All the banks have their own set of banking protocols and they have some regulations associated with it. The financial institutions expect the customers who have their accounts in the banks to follow those terms and conditions. Now the banks have a system known as the “Cibil Score” which is basically a meter where the banks judge and keep a track on all the financial activities carried out by the customers. If the cibil score degrades like on a continuous scale, the banks advise the customers to withdraw their respective accounts from the bank. In such cases the second chance banks are the ones who extend help to them who have faced the low cibil score issue in their banking.
ChexSystem is something that is highly associated with the second chance bank accounts. They are also known as Fresh start checking accounts. There are three banks who are into the second chance banking. Those are BBVA Compass, Urban Trust Bank, Bank of Texas, and National Bank of Kansas City.
- BBVA USA– The bank headquarters is located in Birmingham, Alabama. It functions in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.it is one of the best banks for small business and offers some good money market rates. There is no minimum account balance required and provides access to 55,000 atms around the globe.
- Urban Trust bank – Also known as Axiom bank, its federally chartered and also known as the full community bank. It is also the fast short term loan company. For the company, the community is the main priority.
- Bank of Texas – This bank provides e accounts with no minimum account balance. Its located in Dallas which is one of the best company providing the customers with second chance bank accounts.
The banks which provide the best second chance bank accounts have no regulations like no monthly minimum balances, no monthly fees, free check writing and also the online bill pay. The second chance banks have been gaining a lot of attention for all those good reasons and also it’s the best for the ones who have had bad banking history. Such people are getting a new chance to rebuild their trust with the bank.