Second Chance Checking Accounts With No Opening Deposit In 2024

Are you looking for Second Chance Checking Accounts with no opening deposits? If yes, then you are at the right place!

Second Chance Checking Accounts allow customers who have been denied a checking account in the past to rebuild their credit history and access banking services again. These accounts are designed specifically for people with poor bank histories and often have more restrictions, higher fees, and limited features.

It’s easier to get started on your financial journey if you have access to Second Chance Checking Accounts at banks and credit unions without an opening deposit requirement.

Here, we will explore some of your best options. So, let’s get started!

What Is Second-Chance Banking?

Second Chance Checking Accounts is an option for banking clients who have had trouble with deposit accounts in the past, such as repeated overdrafts, unpaid negative balances, or involuntary account closures.

Customers who have these accounts can take advantage of the basic features needed to manage their money with a bank that overlooks past mistakes. According to Frederick, these accounts are rarely offered by large national banks but are typically available from smaller banks in their local communities.

Furthermore, banks that offer Second Chance Checking Accounts recognize that account holders are at a higher risk than customers with a good banking history.

What is A Second Chance Check?

Consumer reporting agency ChexSystems holds a list of those with serious banking issues. Before approving new accounts, banks review it, or similar services (such as Early Warning Services) – a flawed history of bounced checks, unpaid fees, or account closures makes you less likely to be approved.

There are some banks and credit unions that offer “Second Chance Checking Accounts” to people in this situation. Although these accounts are useful for rebuilding banking histories, they don’t always offer the same services as regular checking accounts.

What Might Lead People To Apply For Second Chance Checking Accounts?

Second Chance Checking Accounts at a bank or local credit union is the best option for people who have had financial hardships and may have neglected their finances. People may apply for a second chance bank account at their local credit union for the following reasons:

Reasons To Apply For Second Chance Checking Accounts

• Unexpected medical expenses
• Death, divorce, or other life-changing events
• Management of money and budgets is poor
• Wage decreases or job losses
• Youthful money mistakes

Second-chance banking may be a great option if you have any of the following adverse marks against your past checking accounts.

• Insufficient funds in an account
• Negative balances or delinquent payments
• Accounts closed involuntarily

Picking Second Chance Checking Accounts

Second chance accounts offer the following features:

• There are no or low monthly fees.
• There is no minimum balance requirement.
• You can use your debit card, pay your bills online, and write unlimited checks for free.
• Limits on daily or monthly transactions are few.

These features are not available in all Second Chance Checking Accounts. There are some banks that charge as much as $20 a month and do not issue debit cards or checks to account holders. “Be sure to check the fees and requirements before applying, especially when exploring options like ‘Which Banks Offer Second Chance Checking Accounts‘.”

15 BEST Second Chance Checking Accounts With No Opening Deposit

Found Business Banking

Finding the right bank account for a growing business is one of the biggest challenges for entrepreneurs, small businesses, and gig workers.

By simplifying your financial journey, the Found Business Banking Account solves that problem. You can sign up for the service only if you are a sole proprietor or single-owner business. Signing up takes only a few minutes. ChexSystems or credit checks are not required.

Found Business Banking Features

• The opening deposit is not required
• There is no minimum balance requirement
• There are no monthly fees to pay
• ACH payments are free and unlimited
• Invoicing is free and unlimited
• Mobile check deposit for free
• With built-in expense management tools, you can manage your expenses easily
• Payments can be made by bank transfer or credit card
• You can connect with Quickbooks, Stripe, Venmo, PayPal, Etsy, and many other payment processors.
• Pay up to 2 days early with direct deposit1
• You can transfer money to anyone using their phone number or email address
• Over 79,000 locations accept cash deposits
• Using the free app or online, you can access your account

Fast Approval Process

Found respects both time and money. Their streamlined approval process ensures you’re up and running quickly after you apply for your business account online. It’s easy to access your financial hub with no lengthy paperwork.

Easy Bookkeeping and Tax Management Tools

A hassle-free approach to managing your business finances should be your goal. You can track expenses automatically, capture receipts, create unlimited custom invoices, and manage 1099 contractor payments with intuitive tools. Additionally, you can automatically save tax payments and generate tax forms.

No Hidden Fees, No Surprises

Don’t worry about unexpected charges anymore. Transparency is a core value at Found.com. Banking with them is straightforward, with no unnecessary fees. There are no fine prints and no hidden fees—just clarity and peace of mind.

Found is not a bank but a financial technology company. Piermont Bank, a member of the Federal Deposit Insurance Corporation, provides business banking services.

Current

Customers who are looking for everything without the hassle and costs of a typical bank account will find Current’s innovative account appealing.

The Current Build account works like a checking account, but it also helps you build credit. The application process takes about two minutes, and the acceptance rate at Current is extremely high.

Current Features

• Credit checks are not required
• There is no minimum balance requirement
• Opening an account does not require a deposit
• The U.S. has over 40,000 ATMs with no fees.
• Direct deposit can deliver your paycheck two days earlier
• With direct deposit, you’ll earn 4.0% APY; without, you’ll earn 0.25% APY
• Participating retailers offer unlimited cashback when you earn points
• Free instant money transfer
• App for smartphones that is elegant and simple
• Support for members 24/7
• Up to $250,000 is insured by the FDIC

Swipe The Card and Build a Credit

BUILDING your credit is easy with your Current Build account. This is how it works:

• Firstly, you need to add money to your account
• Use your card at an ATM to withdraw cash, pay bills, or make purchases
• These transactions are paid for by the funds in your account
• Build your credit history by reporting your payments on a regular basis

Current Works Hard for You

Currently offers a unique service called Gas Hold Removals. How does a gas hold work? When you use your card to pump gas, some gas stations may apply a hold between $50 and $100. Gas stations place a $100 hold on your funds, so if you only pump $10 of gas, you won’t have access to the $190 difference for up to three days. With the Current Build card, you can access all your funds immediately after the hold is refunded. This benefit hasn’t been found anywhere else in the market.

Current is great for its features, smartphone app, and customer service. We think you’ll enjoy them as well.

Chase Secure Banking

For those looking for a second-chance bank account, Chase Secure Banking may be a good fit. Chase has over 15,000 ATMs and 4,700 branches nationwide.

Chase Secure Banking Features

• Credit checks are not required
• ChexSystems are not accepted
• Open with no minimum deposit
• Overdraft fees are not charged
• There are over 15,000 Chase ATMs available for free
• Pay your bills online for free with Chase
• Cashier’s checks and money orders are free

What to Know About the Approval Process

Chase Secure Banking accounts require some important qualifications. The first thing Chase does is verify your name, address, and social security number through Experian, but it doesn’t pull a credit report or credit score. For this account, Chase does not use ChexSystems, but it does use Early Warning Services (EWS). Also, if you’ve had a Chase bank account closed in the past, your application will be denied. Past account closures involve missteps such as non-payment of fees, excessive overdrafts, or suspected fraud.

Last but not least, Chase gives you the option of opening your new account online or taking a printed coupon to a branch location. ChexSystems has been used in the approval process at some branch locations, so we recommend you apply online.

Fees

Overdraft services aren’t available with this Chase account since you can only spend the money you have available, and paper checks aren’t included. The cost of using non-Chase ATMs can also range from $3.00 to $5.00.

For Chase Secure Banking, a monthly fee of $4.95 cannot be waived. Due to the free services and $100 cash bonus, most customers don’t mind the monthly fee when they use the card for ten purchases within 60 days.

Chime

Chime® is one of our favorite second-chance banking accounts. You can apply to Chime even if you have bad credit or are blacklisted by ChexSystems or the credit bureaus.

Chime Features

• There is no credit check or ChexSystems requirement
• There is no need for an initial deposit
• There is no minimum balance requirement
• There are no monthly or annual fees
• There are no NSF/overdraft fees1
• There are no fees associated with foreign transactions
• More than 60,000 ATMs don’t charge fees
• There are no fees associated with mobile and online bill pay
• Over 8,500 Walgreens locations offer FREE cash deposits
• With direct deposit, you can get your paycheck up to two days early
• Up to $250k in FDIC-insured accounts

Cash can be deposited for free at more than 8,500 Walgreens locations

The Chime app makes it easy to deposit cash. Using your Chime card, you simply need to take cash to a Walgreens store and hand it to the cashier. The deposits will appear in your account immediately. There are more walk-in locations at Chime than at any other U.S. bank.

Instantly Transfer Funds

With Chime, you can transfer funds to friends and family, whether or not they are Chime members. They can claim their money instantly without downloading any extra apps.

With the Chime app, you can also decide whether you want notifications to be on or off so you can stay in complete control. Have you lost or misplaced your card? With the app, you can instantly turn off your card. With over 400,000 5-star reviews, it’s no wonder the app is so popular.

Savings Made Easy

“Round-up” was one of Chime’s first features. The Chime card automatically rounds up purchases of $10.65 to $11.00, and deposits the remaining $.35 into your free Chime savings account if you use your Chime card for the purchase. That adds up over time! On top of that, Chime pays a 2.00% Annual Percentage Yield (APY) on savings accounts.

Customers First

With Chime, you can get your paycheck up to two days early. For eligible members, Chime offers a fee-free overdraft program of up to $200. Chime is the only company innovating for its customers.

SoFi Checking & Savings

SoFi Bank offers the SoFi Checking & Savings account. We love that it’s both a checking and a savings account. Furthermore, they don’t use ChexSystems or your credit report to approve accounts.

SoFi Checking & Savings Features

• SoFi debit MasterCards are FREE
• The app is FREE for smartphones. You can also manage your account online
• The opening deposit is not required
• Minimum balances are not required monthly
• Maintenance fees are not charged monthly
• More than 55,000 ATMs are fee-free
• Direct deposit allows you to get your pay up to two days early

Earn $325 Bonus

With SoFi’s Checking & Savings account, you’ll earn $25 as soon as you deposit $10 or more. Your SoFi account will be credited up to $300 extra if you set up direct deposit from your employer.

Additionally, SoFi direct deposits offer additional benefits. SoFi covers overdraft fees up to $50 if you overspend a bit. Secondly, you’ll receive 4.60% APY on savings account balances and .50% APY on checking account balances. Savings balances without direct deposit will earn 1.20% APY.

Signing up takes less than 60 seconds. SoFi has over 6 million members!

Walmart MoneyCard

Are you interested in earning cash back on Walmart purchases – up to $75 per year? The Walmart MoneyCard might be perfect for you. You can use it to track your purchases and deposit funds into your account through the mobile app, as well as earn cashback on Walmart purchases, overdraft protection, and interest on your savings.

Walmart MoneyCard Features

• Credit checks and ChexSystems aren’t required for approval
• There is no initial deposit or minimum monthly payment required
• Get your cash back in 10 minutes when you deposit cash at any Walmart store
• Walmart MoneyCard smartphone app for depositing checks
• Multiple family cards can be requested easily
• You can manage your account on your computer or on your smartphone
• There is 3% cash back for purchases on Walmart.com, 2% cash back for fuel purchases at Walmart, and 1% cash back for in-store purchases
• Free savings account gives you 2.00% APY
• You can opt-in and receive up to $200 in overdraft protection with qualifying direct deposits
• Walmart MoneyCards is available in all 50 states, including Washington, D.C., and Puerto Rico.

GO2bank

Green Dot Bank has created GO2bank, a checking account that is growing rapidly. As with some of the newer “challenger banks,” GO2bank deposits direct deposits up to two days early and offers cashback rewards on several purchases. With this account, you’re also eligible for the no-fee GO2bank secured credit card.

Many online-only bank accounts do not accept cash deposits, which is a significant drawback. There are over 90,000 Green Dot locations throughout the country where GO2bank accepts cash deposits. You may, however, be charged a fee by participating retailers.

The $5.00 monthly maintenance fee is rejected if you direct deposit over $500. Additionally, they offer fairly decent overdraft protection, but the gotcha charge is $15 if funds aren’t replaced within 24 hours. Online accounts do not require an opening deposit.

Mobile apps, budgeting tools, and a savings vault will help account holders budget their money. The savings vault pays 4.50% on all money up to $5,000.

mph. bank Fresh Account

“Make People Happy” is a tall order for a bank, but that’s the statement behind MPH. Bank’s mission.

The mph. bank Fresh account is powered by Liberty Savings Bank (founded in 1889), but approval rates are high as long as you don’t have more than 3 charge-offs totaling $1,000 or reports of fraud. Fees for the account comprises of a $9 monthly service fee and a $10 overdraft fee.

Bank Fresh Account Features

An initial deposit of $0 is required to open an account

• Zelle® lets you send and receive money
• Use your phone or computer to access your account
• Earn up to 5.00% APY when paired with a free savings account
• Cash can be saved by rounding up charges
• Over 55,000 ATMs are fee-free

Dave Checking Account

Taking on big banks, Dave is slaying them as David did Goliath. With the Dave checking account, you don’t have to worry about your credit score or ChexSystems.

In order to maintain the account, Dave charges a $1 maintenance fee per month. Almost 40,000 MoneyPass® ATMs near you don’t charge overdraft fees, minimum balance requirements, or monthly minimum balance requirements. Your Dave account doesn’t require an opening deposit.

For those who receive direct deposit and pay regularly, Dave will compensate you up to $250 if your balance isn’t enough to cover incoming charges. You won’t be charged any fees or interest for that feature.

Like a savings account, “Dave Goals” allows you to set aside money for special purposes like vacations or car purchases. During the time you work toward your savings goal, Dave will pay you 4.00% APY on your money.

Lastly, Dave has partnered with a number of businesses around the country to help account holders find side gigs. It’s a unique feature we’ve never seen with any other checking account. With the Dave app, you can find work when you need it. There are thousands of ways to earn money, from instant-pay surveys to side hustles that are easy to apply for.

There is a robust Dave smartphone app that we like. The app is also well-liked by customers. In the Apple Store, Dave is rated 4.8 stars, and in the Google Play Store, it’s rated 4.4 stars.

Fifth Third Bank

A checking account at Fifth Third Bank is easy to open, regardless of how long your credit history is or if you owe a debt to the bank.

Fifth Third offers multiple checking options. Momentum® Checking is one of the best accounts for people who want to rebuild their relationship with their bank. Banking is simple when there is no minimum deposit or balance requirement.

Fifth Third’s contactless debit MasterCard offers fast and secure transactions.With the mobile app or online, you can also track your purchase safely. Customers can also take advantage of Fifth Third’s “Extra Time” overdraft feature, which gives them an extra day to cover their overdraft purchases.

Fifth Third Bank Features

• There are no minimum balance requirements or hidden fees
• Avoiding overdrafts with Extra Time
• Transaction alerts on mobile devices
• Enroll in Early Pay to get paid up to 2 days early
• Worldwide network of more than 40,000 fee-free ATMs
• Statements available online and on mobile devices

Bank a $325 Bonus

Upon opening your new account, Fifth Third will credit your account with $325 when you make direct deposits totalling $500 or more within 90 days. Direct deposits that qualify include payroll, pensions, and government payments such as Social Security. A good-standing checking account is required to receive the cash bonus.

States Where Fifth Third Bank is Available

There are 11 states in which you can apply online: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee, and West Virginia.

Varo Bank

Varo Bank offers mobile apps for Apple and Android devices based on their internet-only services. It offers strong budgeting tools and automatic savings programs and does not charge fees at 55,000+ Allpoint ATMs.

Varo does not check your credit or use ChexSystems when opening an account. A Varo account doesn’t even require an initial deposit. They never charge debit card replacement fees, monthly maintenance fees, foreign transaction fees, account balance minimums or transfer fees.

Since Varo’s recent bank charter, they have innovated more than ever. Varo Believe offers a secured credit card and a very strong cashback program. They also offer payroll advances.

Finally, Varo is able to deposit your money more quickly than most banks if Varo receives a payroll notification before your payday.

Upgrade Rewards Checking Plus

With Upgrade, you can open a checking account, apply for personal loans, and take out a credit card without paying an annual fee.

Upgrade Rewards Checking Plus offers attractive benefits, including 2% cash back on everyday expenses, capped at $500 annually, and 1% cash back on other purchases.

You don’t need to open a minimum balance or make a minimum opening deposit to open an “Active” Upgrade Rewards Checking Plus account. You can also earn up to 4.81% APY on your savings with a free Upgrade Performance Savings account. Every month, a minimum of $1,000 must be deposited into an Active Account.

Cashback on accounts that do not meet the direct deposit requirement is reduced from 2% to 1% if you do not meet the monthly requirement, and ATM fees will not be reimbursed. With only a few fees, that’s still a strong offering.

With the Upgrade mobile app and intuitive online dashboard, you can conveniently manage your transactions on the go.

The approval rate for the Upgrade Rewards Checking Plus account is above average.

Ally Bank Spending Account

Ally Bank has been rated among the best online banks for many years. Not because they have the most features but because they consistently make their customers happy with the features they offer.

To begin with, there is no minimum opening deposit required. Ally does not charge monthly maintenance fees or overdraft fees (more below). With Ally, you’ll have access to nearly 43,000 ATMs, and you’ll get reimbursed up to $10 per statement cycle if you use an ATM from another bank.

Once you deposit $100, you’ll become eligible for Ally’s CoverDraft overdraft program. When Ally activates CoverDraft, they will send you an email. As long as your account balance isn’t negative, you can turn off CoverDraft at any time. In such a case, Ally will decline the transaction without payment. Overdraft fees won’t apply to either scenario.

Our team likes Zelle for sending and receiving money, early direct deposits that let you get paid up to two days earlier, and Ally eCheck Deposit for depositing checks remotely. Additionally, Ally has high approval rates as long as you don’t have any ChexSystems or EWS fraud alerts.

Citibank Access Checking

The Citi Access Checking account is an excellent choice if your name has been blacklisted through ChexSystems or Early Warning Systems. Citibank offers good approval rates for this account if you haven’t been flagged for fraudulent activity and don’t owe the bank any money.

For the first three months after opening the account, there are no monthly service fees. By depositing at least $250 per month, you can easily waive the $5 monthly service fee. Furthermore, the item will be returned to you if there is not enough money in your account.

Citibank Access Checking Features

• More than 65,000 ATMs are fee-free
• With Zelle, you can transfer money to anyone with a U.S. bank account
• Overdraft and NSF fees are not charged
• With $250 in qualified direct deposits, the $5 monthly fee can be waived
• Charges that are unauthorized are not subject to liability
• The service is available in all 50 states and the District of Columbia
• There is no minimum opening deposit required

Navy Federal Credit Union

Navy Federal Credit Union proposes traditional checking for all members across the country, regardless of their previous banking experience. NFCU offers no review of your past banking history, making it an ideal choice for military members, their families, and government contractors. The Free EveryDay Checking account is among the many account options available.

Navy Federal Credit Union Features

• Monthly fees are not charged
• There is no minimum balance requirement
• Opening deposits are not required
• Zero Liability Visa debit card with no annual fee
• A nationwide network of 30,000 ATMs is available for free
• Mobile check deposit for free
• A free bill-pay service
• Checks are free of charge
• Monthly dividends are credited

How To Clear Your ChexSystems Report?

To determine if you have been blacklisted without your fault, check your credit report and request your ChexSystems FACTA report. With this method, you can determine if your identity has been stolen. You can improve your ChexSystems score if your banking behavior is the cause.

 Choose one of the options below to open a new checking account

• Using mobile banking, you can check your balance regularly
• Don’t let checks “float.”
• Alerts for low balances can be set
• Check your monthly statement for duplicate or incorrect charges

By being aware and acting responsibly, you can rebuild your financial reputation over time.

Step-by-step Guide for Opening a Second Chance Checking Account with No Deposit

Following are the steps to open a second chance checking account:

• Look for banks and credit unions offering Second Chance Checking Accounts without an opening deposit.
• Collect the necessary documentation, including proof of identity, income, and residency. Make sure you check each financial institution’s specific requirements before applying.
• You can present your application online or in person and wait for approval. It usually takes only a few minutes to complete an application.
• It will only take a few minutes for your second chance checking account to be approved. Online banks often approve loans immediately, but sometimes you have to wait a few days,
• Finally, start managing your finances by funding your account. There are many second chance checking accounts with no deposit that do not require you to deposit money to activate them. Open a second chance checking account today for a fresh start.

How To Choose The Best Second Chance Bank?

To find the best second-chance bank to open an account with, you should consider the following factors.

• Due to the higher risk, banks may charge higher fees for second-chance accounts. Find a second-chance bank without monthly fees or other fees, such as foreign transactions and overdrafts.
• Choosing a bank that does not need minimum balance requirements and that allows you to open an account with a minimal deposit is a good idea.
• You can earn interest on your money by opening an interest-bearing account. Several banks offer high-yield savings accounts with APYs over 4.50%, and some, like Capital One and SoFi, even offer interest-earning checking accounts.
• A second-chance bank can help you improve your financial situation if you have negative marks on your banking and credit histories. Several second-chance banks offer credit cards or savings plans that can help you rebuild your credit.
• Provides features you use, such as online bill pay, online and mobile banking, and mobile check deposit

Information That Appears on Your ChexSystems Report

ChexSystems reports contain various types of information that banks use to determine your eligibility for a checking account. Among the information that may appear on your ChexSystems report are:

• Instances of fraud: Your report may contain information about any fraudulent activity connected with your banking history, such as identity theft or unauthorized transactions.
• Insufficient funds items: Checks or electronic payments that could not be covered by your account due to insufficient funds.
• Uncollected overdrafts and unpaid automatic transactions: Reports may document overdrafts and automatic payments covered by the bank.
• Violations of banking regulations or rules: ChexSystems may record instances in which you violated banking regulations, such as engaging in prohibited transactions or money laundering.
• Abuse of savings account, debit card, or ATM card: Your report may include information on the misuse of savings account, debit card, or ATM card, such as unauthorized transactions or fraudulent activities.
• Opening an account using incorrect information: Your ChexSystems report may indicate that you provided inaccurate or false information when opening the account.

Furthermore, some banks have access to additional record-keeping companies, such as Early Warning Services and TeleCheck. Your chances of getting approved for a checking account may be adversely affected by negative marks with these companies. Note, however, that not everyone listed in ChexSystems is also listed in EWS or TeleCheck.

8 Things to Consider When Opening A Second Chance Bank Account

The majority of people choose a bank account based on its convenience. When opening Second Chance Checking Accounts without an opening deposit, there are other things to consider. The bank you choose may not be able to provide you with the services you need.

Make sure you choose a savings or checking account based on your needs, not your preferences. Here are a few things to consider:

• No opening deposit – As you begin the process of selecting a bank or credit union, this gives you the most flexibility.
• ATM access – When opening an account, check the number and location of ATMs. Out-of-network ATM fees should also be considered.
• Customer service – You will receive excellent customer service with your second chance bank account. Consider features such as online chat and 24/7 phone support.
• Pay attention to fees – Banks often make money from fees. Fees for foreign transactions, ATM withdrawals, overdrafts, and minimum balances may be included in these fees. A bank charging fees is not a sign to avoid it, but it’s important to know what you can expect moving forward.
• Debit card for free – Many checking accounts provide free debit cards. Some banks, however, charge for them or charge for replacement if you lose yours.
• Mobile and online banking – Many banks offer mobile and online banking services, such as account management and mobile deposits.
• Protecting against overdrafts – Most people will want to protect against overdrafts. When you make a mistake and spend more than you have in your account, this can save you money.
• Reward program – You may find a rewards program useful based on your needs. When you use your debit card, you might get discounts or cash back.

What Are The Advantages And Disadvantages of Second Chance Checking Accounts?

Second Chance Checking Accounts typically have higher monthly fees and more requirements than a standard checking account, such as setting up direct deposit and taking a money management class. Since the purpose of a second chance account is to signify that you can avoid overdrawing, you can’t enroll in an overdraft program.

Checking accounts like these can help improve your banking history, but they won’t rebuild your credit. Consider a secured credit card for this purpose.

In spite of their limitations, second chance checking accounts can often beat alternatives such as prepaid debit cards or check-cashing services, which may have high transaction fees and balance requirements, and may lack convenient features such as online banking.

Most second chance checking accounts allows you to upgrade to a regular checking account within six months to a year if you avoid negative balances or fees.

FAQ’s 

Conclusion

Banks and credit unions may offer you a second chance account if you’ve been denied opening a bank account due to a negative balance, unpaid fees, or another issue. It is true that many second-chance bank accounts come with higher fees due to the high risk involved, but you can also find accounts with minimal fees and balance requirements at second-chance banks.