There are many pros and cons associated with second chance accounts – you want to make sure you evaluate these closely to make an informed decision about opening or not opening one.
Pros
The advantages of a second chance banking are pretty obvious. For one, you can actually open one of these accounts with bad credit history. This is actually a pretty big plus. The reason is that without a banking account, it’s pretty tough to live a normal live. Employers sometimes require you to have a banking account so you can get paid electronically. Any sort of credit loan will require a bank account. Today, a bank account is not an option – it’s a requirement.
You can think of a second chance account as sort of a training bank service. If you prove you can handle it, you prove to the banking world that you can handle a normal account. A second chance checking account will help you get a regular bank account, in time. So it’s a good investment for your financial future to open a second chance account just for the future ability to get a regular account.
Cons
If you have a second chance service, you are going to pay a lot more money. The banking fees are much higher with second chance accounts than any other bank. You need to look at your finances and see if you can afford the extra expense of a no credit check account.
It’s important to make an informed decision before you decide whether to open a no credit check banking account or not. Make sure to do your research online.