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How to Get Wells Fargo Second Chance Checking Account

ByGraham Last Updated

Do you want to regain your good relationship with your bank? Is the ChexSystems history preventing you from opening a regular account? If so, then worry not as today I am bringing you a simple way you can get back on track and start enjoying banking services just like other people. A second chance checking account is of great help to you. Wells Fargo second chance checking is one of the best accounts you can open today.

A second chance checking account is a bank account with lower features and low spending limits. Banks and other financial institutions have to lower your spending limits since they still think that they are risking their money with you. Mostly, people with poor credit scores find it difficult to open new accounts until they settle down their existing credits with their former banks. Banks have a way of communicating with each other, and thus a bad relationship with one bank means a bad relationship with other banks.

Wells Fargo allows you to open a second chance checking account with a minimum deposit of $25. Unlike the regular bank accounts that can allow you to open an account without making a deposit, it is difficult to get a second chance checking with no opening deposit. Different institutions charge different minimum opening balances, and you can get a second chance checking account with as low as $10. In contrast, others can request a deposit of up to $100 or more.

How can Wells Fargo access my credit history?

How to Get Wells Fargo Second Chance Checking Account

You should note that banks can easily access your banking information from the relevant institutions. Every financial institution can access your previous banking institution from the credit bureaus. It means that how you use your credits and how you pay your loans in a particular bank can dictate your future access to credit services in other banks.

Wells Fargo, as well as other banks, can access your credit history from credit bureaus such as Equifax, Experian and TransUnion to determine your credit status. You don’t even need to explain to them your credit status since they will check by themselves.

Does Wells Fargo offer a bad credit card?

Wells Fargo offers the Wells Fargo Secured Visa Credit Card for people with bad credit. However, you must put down a $300 security deposit before getting the card.

If you are looking for a second chance credit card with no security deposit, then Wells Fargo may not be the best option for you. You can consider others such as Capital One QuicksilverOne and Total Visa Card.

Furthermore, the card requires you to pay $25 annual fees. However, the card is not suitable for people with bad credit who want to earn rewards and consumers who want to track their credit score. However, it allows temporary residents to apply.

If you have a business, Wells Fargo can sort you with the Wells Fargo Business Secured Credit Card. It is useful when it comes to jump-starting your business. The card has various benefits which include 1.5% cashback on every $1 spent, 1 point on every $1 spent, 1,000 bonus points when your company spends $1,000 or more in any monthly billing period, $500 to $25,000 credit line and zero liability protection. The card requires you to pay a $25 annual fee. It has no foreign transaction fees, and you can have up to ten employee cards.

How do I get a Wells Fargo second chance checking account?

Wells Fargo has the Wells Fargo Opportunity Checking account. Like any other bank account, there are requirements for opening the account. You need to provide the following documents when opening an account.

  • Government-issued ID, including a passport or other photo ID.
  • Proof of your physical address, such as a utility bill.
  • Social Security number.
  • Any immigration forms.
  • A minimum deposit of at least $25
  • Valid US address
  • Employment information

However, it would help if you spoke to customer care before starting the application to know whether there are additional documents to carry. You can apply for the account online even using your mobile phone. Visit the Wells Fargo website, and select Banking and Credit Cards option, then click Checking Accounts.

It is good to note that you can’t open this account directly. You first to need to apply for another Wells Fargo checking account. You will be denied the regular account, and then you’ll be eligible to apply for the Wells Fargo Opportunity Checking account. The following procedure will be of great use to you.

  • Enter your zip code and click Compare All Accounts.
  • Move down to Preferred Checking and click Open Now.
  • Choose either an individual or joint account depending on your preferences.
  • Enter your personal information, and then click Continue.
  • Choose account options, fund your initial deposit and review the account terms.
  • Submit the application.
  • Most probably, your application will be denied due to your banking history. Wells Fargo will then offer you the option to open Wells Fargo Opportunity Checking account.

Do I need any credit score to open the Wells Fargo Opportunity Checking Account?

You do not need any credit score to open the account as long as you have all the required documents and deposit.

Can non-resident students apply for the account?

Non-resident students can apply for the Wells Fargo Opportunity Checking account. For instance, as a non-resident student you need to provide;

  • Your full name
  • Phone number
  • Home address
  • Local address
  • School enrollment verification.
  • A secondary form of identification documents such as your student ID, birth certificate, or a driver’s license. A letter from your university’s international students and scholars office is also valid.
  • A government-issued passport.
  • Form I-20, Form DS-2019 or I-797 approval notice
  • Form I-94.

What are the features of Wells Fargo Opportunity Checking Account?

Wells Fargo Opportunity Checking Account has various features that are important to understand before opening the account. For instance, the account requires you to pay a $25 minimum deposit. Moreover, it requires you to pay a monthly fee of $10. It does not have any APYs.

It is easy to avoid the monthly fee by maintaining a $1,500 minimum daily balance or have direct deposits totaling $500 or more or has ten or more posted debit card transactions (any combination of posted debit card purchases or posted debit card payments of bills) from the checking account.

Wells Fargo has over 13,000 ATMs. You pay $0 for using the ATM services. For out of service ATM usage, the charges are $2.50 for cash withdrawal within the US and $5 outside the US. An overdraft fee is $35 while insufficient funds fee is $35.

What are the benefits of the Wells Fargo Opportunity Checking account?

There are several benefits associated with the account. They include the following.

  • Most people are eligible even if their names show up on credit bureaus as high-risk customers.
  • Easy access as it comes with checks and a debit card with free access to ATMs and 5,000 branches.
  • The monthly fees are avoidable. Wells Fargo gives you three ways to waive the $10 monthly service fee, as I mentioned earlier.

How do I upgrade to a standard checking account?

You will need to be disciplined enough to graduate to a standard checking account. You should not miss any monthly fee or overdraft your account whatsoever. Wells Fargo will always review second chance checking accounts every year to determine those eligible for the regular checking accounts.

How can I deposit money in my Wells Fargo checking account?

There are various ways you can deposit money in your account to ensure that it runs successfully. The following methods are handy to top up your Wells Fargo account.

  • Direct deposit
  • ATM or branch deposit
  • Mobile check deposit
  • Phone, online or wire transfer
  • Mail a check

Mobile check deposit involves checks. Instead of rushing to the bank, you take a photo of the front and back part of the check using the Wells Fargo banking app and upload for processing. It saves you a lot of time if you are a busy person.

Direct deposit allows you to transfer money from another account to the Wells Fargo account while ATM deposit requires you to insert your ATM card into the machine and enter your PIN. Select the account type that is weather saving or current, place the money on the deposit slot and the machine will sort it in denominations and show the amount. If correct, click deposit.

How do I withdraw money from my account?

The following are ways you can withdraw money from your checking account.

  • Phone, online or wire transfer
  • ATM or branch
  • Cashback from participating merchant
  • Bill pay

How do I get in touch with Wells Fargo?

There are several ways you can contact the Wells Fargo customer care 24/7 if you need some assistance. Reach them via the following methods.

Bottom line

Wells Fargo second chance checking account, the Wells Fargo Opportunity Checking Account is an excellent opportunity to bring you back to a good relationship with banks. You can always graduate to get the standard accounts if you meet the right requirements upon having your account reviewed. Furthermore, you do not need to have a good credit score to qualify for the account.

Graham