Second-Chance Banking | Academy Bank

When it comes to banking, it sometimes feels like one mistake can follow you forever. Whether it’s a previous involuntary account closure, bounced checks or something else. If you’re having a hard time getting approved for a checking account, a second-chance banking account might be just what you need.

Many banks and financial institutions use a consumer credit report called ChexSystems to thoroughly vet their account applicants. Similar to a credit report, ChexSystems is a banking report agency that keeps track of your deposit accounts with banks and credit unions. One negative piece of financial history could make it more difficult to get approved for an account. And without a bank account, it can be difficult to manage your financial life.

But at Academy Bank, we believe in second chances. With a second-chance bank account from Academy Bank, you may be able to open an account regardless of your ChexSystems report or other potentially negative banking history. 

Keep reading to learn more.


When You Don’t Have a Bank Account

Life without a bank account can be difficult, though not impossible. Some businesses have moved further away from cash and are accepting card payments only in the wake of the coronavirus pandemic for safety reasons. And while here in the United States it seems we continue inching closer to a cashless society, paying with cash is often still an option.

When you get paid with a check and don’t have a bank account, you have a few choices for cashing it. In many cases, you may have to pay a fee. This can quickly add up when you’re cashing checks every few weeks.

If you’re ready to make the move to a checking account and the convenience it brings, a second-chance banking account from Academy Bank might be the right option for you.


What is a Second-Chance Banking Account?

A second chance bank account is exactly what it sounds like. Designed for those who don’t qualify for a traditional checking account, a second-chance account can help consumers access the banking services they need. They are also sometimes called “fresh start checking” or “opportunity checking” accounts.

People who have a history of involuntary account closure, bad checks or overdrafting, unpaid negative balances, or even applying for too many accounts may have a hard time getting approved for traditional checking accounts. But a second-chance account can even help rebuild a positive banking history.

Second-chance bank accounts are checking accounts. When you open a second-chance account with Academy Bank, you will receive:

  • Access to Digital Banking with enhanced account alerts*
  • Free mobile check deposit**
  • Free Visa® debit card with EMV chip technology

While a second-chance checking account can help rebuild banking history, remember that it doesn’t help with credit history. You would need to responsibly use a credit card in order to improve your credit score.

If you’re looking to improve your overall financial picture, you could consider a couple other offerings:

Opening a secured credit card, such as our Credit Builder account***, along with your checking account could help the credit score.

And, want to start saving automatically? With our Savings Cents program, every purchase you make your debit card gets rounded up to the nearest dollar and transferred to your savings account.


We Believe in Second Chances

A negative banking history doesn’t define you. While a second-chance checking account isn’t the only option you have, it may be the right way forward as you rebuild your banking history in a positive way. 

At Academy Bank, we are committed to helping our members and our community live healthy financial lives. And we want to be your partner, alongside you every step of the way of your journey to financial health.

We believe in second chances. Learn more about opening a second-chance checking account with Academy Bank.


Member FDIC
*Message and data rates charged by your mobile carrier may apply.
**Deposits are subject to verification and not available for immediate withdrawal. Deposit limits and restrictions apply.
***Subject to credit approval.

September 30, 2020 | Posted in: