What is "2nd Chance Banking"?

Answer by  John13 (186)

Second chance banking is a term applied to checking accounts for people who cannot get a regular checking account because of a history of overdrawing or otherwise mismanaging a bank account. Second chance accounts usually require a security deposit that the bank holds and gives back after a certain period of time if the account is in good standing.

Answer by  les59 (852)

Second chance banking is when you get a Checking Account and overdraw it. Consequently, you get put onto Chexsystems as an "Account Abuser" and a lot of Commercial Banks won't open another checking account for you. Second Chance banking is a program that banks have for these people.