Second-chance bank accounts offer a second chance for consumers with troubled banking histories to open an account. They are low-risk accounts that provide restrictions and terms for the account holder, such as fees that can’t be waived. Your banking history is tracked by a federally authorized agency called ChexSystems. It records things such as bounced checks and unpaid fees. If you were denied for a standard checking or savings account, the bank likely reviewed your ChexSystems report and considered your application a risk. And in this case, a second-chance bank account may be your best option. Choosing a second-chance checking account Second-chance checking accounts allow you to continue banking, even if your banking history needs some work. The benefits of a second-chance checking account include FDIC insurance on your deposits and access to more traditional banking methods such as ATMs and cash-free debit transactions. Sometimes, banks will let you work your way up to less-restrictive accounts once a good history has been demonstrated with your second-chance checking account. For those seeking a second-chance checking account, look for terms that will benefit your financial future, such as reasonable fees. Here are a few examples of second-chance checking accounts and their requirements. Institution Monthly fees Minimum requirements to open Availability Chime Credit Builder $0 $0* Nationwide Peoples Bank Cash Solutions Second Chance Checking $4.95 $30 Nationwide Woodforest National Bank Second Chance Checking $9.95/$11.95** $25 Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, and West Virginia **A Chime Checking account and at least $200 of qualified direct deposits during the previous 365 days is needed for the Chime Credit Builder account. **$9.95 with monthly direct deposit or $11.95 without. There’s also a $9 fee to set up the account. How to regain control of your finances and reduce your monthly bank fees Free noninterest checking accounts are easily found. Almost half (48%) of noninterest-bearing checking accounts were free, according to Bankrate’s 2021 checking account and ATM fee study. Consumers who use an ATM frequently should look for a bank with ATMs nearby, a bank with a large ATM network or an account that reimburses out-of-network ATM fees. A mobile banking app can give you easy access to your account so you can quickly check your balance and recent transactions to help avoid bank fees. The app may also offer additional budgeting features to help keep you more informed about your money patterns. Consumers being charged fees will want to weigh other options. The average U.S. adult has had the same primary checking account for more than 17 years. A lot of things can change in 17 years. Check Bankrate’s Best Banks and Credit Unions of 2022 to see our rankings.