Bank of America does not offer a dedicated second chance checking account

Bank of America does not have a product specifically marketed as a "second chance" or "fresh start" checking account. If you have been denied a standard Bank of America checking account due to ChexSystems records, prior overdrafts, or account closures, the bank's standard checking products will likely remain unavailable to you through their normal process process.

However, this does not mean Bank of America is your only option. The bank does offer a basic checking product called SafePass, which has lower monthly fees and fewer features than their standard accounts. More importantly, other banks and credit unions specifically design accounts for people with banking history problems, and those accounts may be easier to open than trying to work around Bank of America's approval system.

Key Takeaways

  • Bank of America's SafePass account is their most basic checking option, but it is not marketed as a second chance product and may still deny you if ChexSystems shows prior problems.
  • If you were closed out of Bank of America due to overdrafts or account mismanagement, calling their customer service to ask about reinstatement is worth doing before moving to another bank.
  • Credit unions and online banks like Chime, LendingClub, and Varo specifically market accounts to people with banking history issues and have lower barriers to opening.
  • ChexSystems records stay on file for five years, but many second chance accounts do not check ChexSystems at all, so your history with Bank of America may not block you elsewhere.

What Bank of America's SafePass account includes

SafePass is Bank of America's entry-level checking account. It comes with a debit card, online and mobile banking, and access to their ATM network. The monthly maintenance fee is $4.95, though it can be waived if you maintain a $500 minimum daily balance or set up direct deposit.

SafePass does not include overdraft protection or the ability to overdraw your account—transactions will straightforward decline if you do not have funds. This is actually a feature for people trying to rebuild trust with a bank, because it prevents the spiral of overdraft fees. However, SafePass is still subject to Bank of America's standard approval process, which means ChexSystems records or a history of problems with the bank can still result in denial.

Why Bank of America may have closed your account

Bank of America closes accounts for several reasons: repeated overdrafts, suspected fraud, failure to maintain minimum balances, or violation of their account agreement. If your account was closed, the reason matters for what happens next.

If the closure was due to overdrafts or account mismanagement rather than fraud or illegal activity, you may be able to call Bank of America's customer service and ask about reinstatement or opening a new account. The bank sometimes makes exceptions for customers willing to demonstrate they understand the problem. This conversation is worth having before you assume you are permanently blocked.

How ChexSystems affects your options

ChexSystems is a banking history database that tracks closed accounts, unpaid fees, and fraud. When you explore for a checking account, most banks check ChexSystems. If your record shows a recent closure or unresolved issues with Bank of America, that information stays visible for five years from the date of the incident.

Many second chance checking accounts do not use ChexSystems at all—they use alternative verification systems or no verification system at all. This means your Bank of America history may block you from standard accounts at other large banks, but it will not necessarily block you from accounts specifically designed for people in your situation. Online banks and credit unions are more likely to skip ChexSystems or to overlook older records.

Second chance checking accounts outside Bank of America

If Bank of America is not an option, several banks and credit unions offer accounts designed for people with banking history problems. These accounts typically have lower fees, no overdraft fees (because overdrafts are not allowed), and less stringent approval processes.

Chime is an online bank that does not check ChexSystems and has no monthly fees. LendingClub offers a checking account with no overdraft fees and does not require a minimum balance. Varo is another online option with no monthly fees and no overdraft fees. Credit unions in your area may also offer second chance accounts—call your local credit union and ask directly whether they have a product for people with prior banking issues.

These accounts come with trade-offs. Online banks may have fewer ATM options than Bank of America, and some charge fees for out-of-network ATM use. Credit unions may have limited branch access depending on where you live. But the approval process is usually faster and the fees are lower.

Steps if you want to try Bank of America first

If you prefer to stay with Bank of America, start by calling their customer service at the number on the back of any Bank of America card or statement you have. Explain your situation clearly: when your account was closed, why it was closed, and what you have done since then to address the problem.

Ask whether you can open a new SafePass account or whether the bank will consider reinstatement of your old account. Be honest about what happened. If the closure was due to overdrafts, explain how you have changed your banking habits. If it was due to a fee dispute, ask what would need to happen to resolve it.

Bank of America may say no. If they do, you have not lost anything by asking, and you can move forward with a second chance account elsewhere knowing you tried the direct route first.

What to expect when opening a second chance account

Second chance accounts usually open faster than standard accounts—often the same day or within 24 hours. You will need a government-issued ID and a Social Security number. Some banks ask for proof of address (a utility bill or lease). A few ask about your income, but most do not.

The account will come with a debit card, usually within 5 to 10 business days. You can start using the account when ready with the temporary card number or through mobile banking while you wait for the physical card. Monthly fees are typically $0 to $10, and many accounts waive fees if you set up direct deposit.

These accounts are designed to let you rebuild. After 6 to 12 months of responsible use, you may be able to upgrade to a standard account with more features, or you may straightforward choose to stay with the second chance account because the fees are lower.

Frequently Asked Questions

Can I get a Bank of America account if I was closed for overdrafts?

You may be able to open SafePass if you call and explain the situation, but there is no may provide. SafePass still goes through Bank of America's approval process. If they deny you, a second chance account at another bank is a more reliable option.

Will a second chance account hurt my credit score?

Opening a second chance checking account does not hurt your credit score. Checking accounts do not appear on credit reports. However, if you overdraft and the bank sends the debt to collections, that can hurt your score—which is why second chance accounts that do not allow overdrafts are safer.

How long does ChexSystems information stay on my record?

ChexSystems records stay on file for five years from the date of the incident. After five years, the record is removed and you should be able to open a standard account at most banks. Until then, second chance accounts are your most straightforward option.

What is the difference between a second chance account and a prepaid card?

A second chance checking account is a real bank account with a routing number and account number. A prepaid card is not a bank account—it is a stored-value card. Checking accounts let you receive direct deposits and set up automatic payments. Prepaid cards do not. If you need direct deposit for payroll or benefits, a checking account is necessary.

Can I switch to a regular Bank of America account later?

If you open a second chance account elsewhere, you can explore for a standard Bank of America account once your ChexSystems record is five years old or if the bank agrees to overlook it. Some people open second chance accounts as a stepping stone and move to a larger bank once their history improves. Others stay with the second chance account because the fees are lower.