A guaranteed bank account, also known as a second chance checking account, is an option some financial institutions offer to customers that have a poor bank account history, according to ChexSystems. If customers have had a checking account closed due to bouncing checks or overdrawing the account without paying back the money, they may be denied regular bank accounts. Guaranteed accounts have higher fees and less functionality than regular accounts, such as no overdraft protection or no debit card.
There are large banks that offer guaranteed checking options. According to their websites, PNC Bank, Peoples Bank and Wells Fargo have these offerings available. PNC Bank and Wells Fargo have the option to convert to regular checking accounts after a period of proven responsibility. These accounts give a user the opportunity to rebuild banking history, but there is no guarantee of a positive outcome.
ChexSystems tracks debit history and mishandling of checking accounts. Negative marks remain on file for five years. Many financial institutions refer to the ChexSystems debit history report to determine if a customer is a sound risk. Some negative factors in the debit history are checking account closures, bounced checks, any financial institution inquiries made about the customer, and how often check orders are made.