Open a second
chance bank account.

Banks generally do not check your credit report or credit score.⁶ If you have bad credit – or no credit history at all – it’s still possible to apply. However, some banks may review reports from consumer agencies like ChexSystems, which track your banking history, including overdrafts or closed accounts due to mismanagement. Some financial institutions may deny your application if you have a history of late fees or overdrafts. If you have a less-than-perfect banking record, a second chance account through Chime is a great option.

Many financial institutions use ChexSystems and other reports before approving you to open a bank account. Blemishes on your report make opening a new bank account challenging. Options like Chime, SoFi^® Bank, PNC Bank, and Navy Federal Credit Union do not look at ChexSystems reports.

Second chance banking through Chime is open to individuals who have encountered difficulties accessing traditional banking due to blemishes on consumer reporting agency reports. Chime offers banking services to a wider range of people. To be eligible, you must have a valid Social Security number, be at least 18 years old, have a U.S. address, and not have an existing account with Chime.

Chime offers two helpful Automatic Savings features:

• When turned on, the Round Ups feature automatically rounds up debit card purchases to the nearest dollar and transfers the spare change from your Chime Checking Account to your Savings Account.
• Chime’s Save When I Get Paid feature makes it easy to save money from your paychecks every month. All you need to do is sign up for direct deposit with Chime. If you turn this feature on, Chime automatically transfers 10% of your direct deposits of $1.00 or more from your Checking Account into your Savings Account when you get paid.

Chime offers a convenient online banking experience with few fees. The Chime Checking Account is designed to reduce financial burdens by not imposing monthly fees, minimum balance requirements, overdraft fees, or foreign transaction fees. Out-of-network ATM withdrawal fees and cash withdrawal fees may apply.²

No. If you do not have sufficient funds in your Chime Checking Account or have reached your SpotMe^® limit (if enrolled), then your Chime Visa^® Debit Card will be declined.⁷ There is no fee for declining transactions or for utilizing SpotMe.

Second chance bank accounts don’t directly impact your credit score, but they can be a tool for you to make better financial choices. By avoiding potential negative impacts on your credit, like high maintenance fees and overdraft protection, you can improve your score over time.