Wells Fargo and GoBank offer second-chance checking accounts to customers throughout the United States, according to each company's website. Second-chance bank accounts are ideal for people who cannot open a regular checking account due bad credit or problems with previous checking accounts. They often come with restrictions on overdrafts and deposits, notes The Motley Fool.
Wells Fargo offers an opportunity checking account for customers who do not qualify for regular checking accounts. This account is opened with a minimum deposit and comes with a monthly fee, per Wells Fargo. However, the monthly fee is not applicable if the customer meets certain requirements involving purchases, payments, account balance or direct deposits.
The opportunity checking account does not allow ATM deposits. In addition, another account must be linked in order to qualify for overdraft protection. An opportunity checking account coverts to a regular account after one year of good use, according to The Motley Fool.
GoBank's checking account comes with far fewer restrictions. There are no overdraft fees and no minimum deposit requirements, states GoBank. The checking account has a minimum sign-up deposit, along with a monthly membership fee. The membership fee is free if direct deposits add up to a certain amount every month. There are also daily and monthly limits on cash deposits.