Second Chance Banks In Georgia - Full disclosure: If you use a link on this page to promote a product or service, Credit Help Info receives a referral fee.
The reason many people are turned down for a bank account is often because of their ChexSystems history. ChexSystems is an intelligence agency that records negative information about your banks, such as overdrafts and involuntary account closures.
Second Chance Banks In Georgia
Since nearly 80% of banks in the United States use ChexSystems, one critical mistake can make it really difficult to get a new account approved. According to the Federal Deposit Insurance Corporation (FDIC), 7.4% of Georgia residents are unbanked, meaning they do not have a checking or savings account. That's worse than the national average of around 5%.
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The good news is that even if you have trouble getting approved for a regular bank account, there are alternatives. Specifically, non-ChexSystems and second chance banks can help you restore your banking history.
Georgia residents have many non-ChexSystems and second-chance banks to choose from. In this article, we will share the top 11 banks where you are likely to get approved. At the end of the article, we also ask some frequently asked questions about ChexSystems and banking in general.
The top three non-ChexSystems and second chance banks in Georgia are CIT Bank, Chime, and BBVA (now PNC Bank). Let's take a deeper dive into each of these banks and the main products you should consider.
CIT Bank Savings Connect deserves its place at the top of our list. That's because it's completely free to use and offers benefits that rival even the best current savings accounts on the market. While CIT Bank can check ChexSystems if you ask, they are often willing to offer Georgia residents a second chance with them.
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You need a minimum deposit of $100 to open a Savings Connect account. This is a little higher than typical second chance accounts, but the advantage is that the account has no setup fees and no monthly service fees. You also get free in-network ATM access and up to $30 per month in ATM return fees when you use an out-of-network ATM.
One of Savings Connect's main selling points is its high interest rate, which earns you 0.42% APY on your savings. This rate increases to 0.50% APY if you can deposit at least $200 into the account each month. Few other second chance accounts offer anything close to this rate, so an application is highly recommended.
Chime's mission is to make banking useful, easy and free for everyone. As a result, they won't run your credit or check your ChexSystems report when you log into one of their checking and savings accounts.
Chime is technically not a bank. Instead, they are a relatively new financial technology company that provides banking services through The Bancorp Bank, N.A. and Stride Bank, N.A., which means their products are still FDIC insured. Here's why you should consider their Chime Checking and Chime Savings accounts.
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Our top three is BBVA (now PNC Bank), which offers second chance accounts for those with past ChexSystems records. Compared to CIT Bank and Chime, PNC Bank has experience on its side. It was founded in 1983 and became the 7th largest bank in the country.
If you choose PNC Bank, consider using the VirtualWallet product. This is a checking and savings account combined, although you can choose to have just one account. Their spending account is designed to handle checking activities like payments and direct deposits, and their growth account is designed to hold your savings.
VirtualWallet comes with a number of features that make managing your money easier. For example, the Money Bar feature can give you a quick overview of how much money you have for future bills and payments and how much you have available to spend. VirtualWallet has a $7 monthly fee, but you can waive it if you maintain a total balance of $500 or more.
You can apply online at any time for accounts with CIT Bank, Chime and BBVA (PNC Bank). However, if you prefer the more personalized experience of opening an account at a brick-and-mortar branch, here are 8 other local banks in Georgia to check out.
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While Bank OZK is headquartered in Arkansas, it has many branches throughout Georgia, including the major metropolitan areas of Atlanta, Savannah and Valdosta. They are dedicated to providing banking services to the people of the South East.
The Pathway Checking Account is a second chance account designed to get you back on track financially. The account has a minimum initial deposit of $50 and a monthly service fee of $10. You get a free debit card and there are no minimum balance requirements.
Cadence Bank is another local bank with many branches throughout Georgia. This is a different bank than ChexSystems that instead pulls your credit to determine your eligibility. So they are a good local option if your credit score is still fair.
Cadence Bank has four main checking accounts, but we recommend the Cadence Blue account for those trying to build their history. It's the easiest account because it only has an $8 monthly fee, which can be waived if you maintain a balance of $250 or more. You also get free online and mobile banking, a debit card and electronic statements.
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Fifth Third Bank is a national bank with a large presence in the Atlanta area, including Loganville, Lawrenceville, Marietta and Powder Springs. Their Loganville location has an average rating of 4.6 out of 5 among 14 Google reviews.
Fifth Third Bank offers a second chance through its Express Banking and Momentum Banking accounts. Both accounts have no minimum balance requirements and no monthly service fees. Note that a Momentum Banking account has all the features of Express Banking, but also comes with check writing and online bill payment access.
Georgia United Credit Union is a very popular local credit union that you should also consider. Their location on Tilly Mill Road in Atlanta has an average rating of 4.3 out of 5 among 26 Google reviews. Georgia United Credit Union allows you to open a second chance account if you only have one non-serious record on your ChexSystems report.
We recommend you apply for their Restart Checking Account, which only requires a minimum initial deposit of $25. There is a non-waivable $12 monthly fee, but after months of good standing you can upgrade your account to unified checking.
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MyGeorgia Credit Union is a smaller local credit union with several locations in Georgia. They have some products that are considered second chance accounts that you should definitely apply for.
In particular, your chances of getting approved for a secured checking account are high, even if you have made banking mistakes in the past. The account requires opening a deposit of at least $100 and has a monthly fee of $10. Although it's pretty steep, MyGeorgia Credit Union will convert your account to a free checking account after a six-month trial period.
Peach State Federal Credit Union is another highly rated credit union serving Georgia residents. Their main location in Augusta on Tobacco Street has an average rating of 4.6 out of 5 among 14 Google reviews.
Their Fresh Start Checking is the perfect second chance account for anyone with ChexSystems records. The account has a $9 monthly fee, but you get all the standard banking features and a free debit card. You can also upgrade to a basic inspection after 12 months of good standing.
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Renasant Bank has several branches in many Georgia cities, including Atlanta, Statesboro and Macon. They are one of the nicer banks when it comes to your ChexSystems history, so consider them a second chance bank.
The Renasant Checking Account comes with online and mobile banking, bill pay and a free debit card. It has a $10 monthly fee, but you can waive it by maintaining a balance of $1,000 or more. A minimum deposit of $50 is also required to open an account.
Heritage Bank is a non-ChexSystems bank based primarily in Southeast Georgia. This is a great option if you live in Brunswick, Savannah, Hinesville, Jesup or St Marys.
Both their Quest Checking and Select Checking are good accounts to consider. If you're just trying to refresh your history, Quest Checking is a basic account with all the tools you need, with no monthly fees. Select Checking allows you to earn some cash back on debit card purchases, but it comes with an $8 monthly service fee.
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Not having a checking account can have serious consequences. According to Bank On Atlanta, not having a bank account could cost you $40,000 over your lifetime. This is due to the use of expensive alternatives, where simply applying for a non-ChexSystems account or a second chance account can save you a lot of money and trouble.
Simply having a checking account gives you many advantages when it comes to managing your money. Here
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