The Black Informant | African American Commentary, News and Community Building

Duane, another option is local credit unions. *Some* won’t allow persons listed in ChexSystems or TeleCheck to open a checking account, but they will open a savings account and issue an ATM card (now accepted at almost all checkouts). Instead of sending checks, many people are now turning to free online bill paying (provided either by their bank/credit union or the companies they receive services from) instead of writing checks.

Bills can be paid either from a checking account or savings account, so actual check writing is becoming more and more obsolete – especially with the recent changes in the law regarding checking accounts. The best thing about credit unions is that you only need anywhere from $25-50 to open an account. The “second chance” accounts you wrote about have substituted the “set up” fee for the opening deposit… and these “set up” fees are on the high end (debit card fee) – or are way more (checking account fee) – than what a credit union would require to open a new account.

I see this as nothing but another way for someone to make money off the ignorance of the poor. Most people that ruin their “regular” bank accounts do so because they are ignorant of financial management skills; and most of the people who find themselves in this situation are poor. Hence my stance.

There are other, and better, options than this second chance scheme. The only people I can think of who may benefit from this is someone who lives in a town where there are no local OR regional credit unions for community members. Also, many people’s schools and jobs qualify them for membership in credit unions that restrict membership to certain employees and member organizations… but they just don’t know about those options because they are not told and they don’t know to ask.

I think Chex Systems and Tele Check should be put out of business because they take whatever information the banks give them whether it is true or not and this causes big problems. Having to go to a check cashing place is very expensive. These two companies should be put out of business.

What about us white americans we need help to im white would i be able to use this? Thanks

Pretty much this is an advertisement for this service. It is a blatent ad made to look like advice. It is a ripoff, and once they get you, they have you paying monthly fees in addition fees to deposit money, and fees to take out money.

Try Washington Mutual’s website to open an account. They offer second chance accounts.

I would like to have a chance to correct my errors, I think this is a great way to get a new start.

WoodForest Bank offer second chance banking.

why dont woodforest accounts let us deposite through atms because some of their brachces are far out

More and more banks are starting to offer “second chance banking”. Many of them issue debit cards (like account now). Others offer real bank accounts that you can use to ACH and withdraw funds using normal banking tools. A few even offer real checkwriting privileges.

2nd Chance Banking accounts are solid products. The differences (at least with Woodforest Bank) are minimal. The current monthly fee, if using direct deposit, is $7.95 per month.

As for the idiotic response by Rosalind (#1) – she is very ill informed as to why people would choose this account or as to how they may have arrived at this financial point in life. Most of the consumers using these products are NOT poor. They are hardworking blue collar citizens of the US. Many prefer Woodforest for its convenience and late hours (in most states Woodforest is open all day Mon-Fri with Sat AND Sun hours) and the hours of operation work far better with their schedules. Their notary fees, money order fees, etc are lower than most commercial banks.

Bank accounts are NOT opened solely on the basis of Check Reporting Agencies. Many use credit report scores and have a minimum for opening accounts. In NC, Wachovia has the lowest score eligiblity for new accounts outside of credit unions and banks like Woodforests. Many consumers in this age are victims of identity theft and during the process of clearing the errors they may have to resort to products such as this. Many consumers have suffered divorce, bankruptcy or medical loss that effectively destroys their credit rating. This list goes on and on. NEVER judge something that you haven’t personally experienced!

I’d rather see a small bank excelling by doing favors for 2nd chance qualifiers than a big bank opening accounts for illegals and drug lords and profiting thru illegality!

Go Woodforest !