Released: February 12, 2024

Pros and cons of second-chance checking accounts

Source: Andreina Rodriguez, CNBC

Pros

• Consumers won’t have to resort to check-cashing services which can come with costly fees that quickly chip away at your funds. 
• Any ongoing banking activity on your second-chance account will get reported to ChexSystems, which will help with building a positive history when managed responsibly.  

Cons 

• Some second-chance checking accounts come with mandatory monthly fees that can’t be waived, unlike the fees of some standard checking accounts.  
• Some accounts may require a minimum deposit or even a money management course to open an account.  

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