Compass Online Banking -- A "Second Chance" Checking Account

Recover From Poor Credit Issues With Compass Online Banking

BBVA Compass bank logo
Courtesy BBVA Compass

Compass Online Banking understands that hard times happen. Maybe you bounced a few checks because money was really tight for a while, or you overdrew your checking account and the bank closed it with a negative balance that you were unable to repay.

None of this information may ever turn up on your credit report, but that doesn't mean your life will go on without a hiccup. A company called ChexSystems maintains a database on more than 300 million checking account owners, and information about your banking activity will probably turn up there.

This can cause just as many complications. 

How Compass Online Banking Can Help 

The "Second Chance" checking account offered by Compass Online Banking is an option for consumers who are trying to recover from tough times. While it's true that your bank account activity probably won't affect your credit score -- at least if the bank doesn't send that overdrawn account to collections -- customers with blemishes on their ChexSystems record may face challenges finding a financial institution that's willing to work with them. A handful of banks, including Compass, now offer checking accounts geared to help consumers who have had unexpected financial difficulties get back on track.

The Effects of Bad Credit

You probably feel like you just can't catch a break if your credit is less than perfect. Lenders shy away from you -- at least without a cosigner -- and you might find that it's difficult, if not impossible, for you to open a bank account.

 Besides being downright inconvenient, going without a checking account can be expensive. Many check cashing companies charge exorbitant fees and will decline to cash certain checks, particularly large or out-of-state instruments. Paying bills becomes a headache -- you have to gather up your cash and run out to purchase a money order because some companies won't take cash.


Not all banks offer accounts for bad credit, so Compass Online Banking is a decent choice for consumers trying to reestablish a good banking record and get past all these headaches. 

How Does Compass Online Banking Work? 

Geared towards consumers with not-so-good credit, Compass Online Banking charges a monthly fee, but it has only a $25 minimum balance requirement. If you've been using check cashing services, the monthly service fee from Compass may offset this expense, so you have a lot to gain without any real additional cost. The account comes with most standard features, including online banking, a check card and unlimited check writing.

Offers from Compass Bank can change periodically, so check the fine print when you apply. The bank should provide you with a list of charges and fees upon request. 

Build Good Credit With Responsible Banking

A bank account is an important money management tool. If you use your new bank account responsibly and track your expenses, this can be a great tool for rebuilding your credit. A Second Chance account can give you an opportunity to develop constructive financial habits, and you may be able to switch over to a normal account after you've met certain conditions for a while.


Note: Compass Bank does not guarantee approval for any of their accounts.