Second Chance Checking Accounts 2026: Fees Compared

With a $1,000 monthly direct deposit and a balance near $300, Capital One 360 Checking, Chime, Current and Varo print no monthly fee, so a year of monthly fees is $0 (October 19, 2026). Chase Secure Banking and Wells Fargo Clear Access ($4.95 and $5 a month) reach $0 with $250 in qualifying electronic deposits. Banks decide who they approve.

Financeradar data: 12 of the 17 checking accounts we track with a published monthly fee (71%) charge no monthly maintenance fee, read between August 11 and October 19, 2026 (checking account statistics). A printed monthly fee on a bank's separate low-fee account is therefore a cost most accounts we track do not charge.

Second chance checking accounts compared on a year of fees

The scenario is one direct deposit of $1,000 a month from an employer or a government payer, a balance near $300 all month, an owner aged 25 or older, and no out-of-network ATM use. Fees are each bank's own, read on October 19, 2026.

Account	Year of fees in the scenario	Year of fees if never waived	Monthly fee and waiver (tested each statement or fee period)	Opening deposit	Out-of-network ATM fee	Checks; overdraft fees
Capital One 360 Checking	None	None	No monthly fee	None required	None from Capital One; the machine owner may charge	Checks can be ordered, first 50-count checkbook free; page says no overdraft fees
Chime Checking	None	None	No monthly fee	None required	$2.50 per transaction	No personal checkbook; page says no overdraft fees
Current	None	None	No monthly fee in its fee schedule	None required	$3.50 per transaction	Checks not mentioned; fee schedule lists no overdraft fee
Varo Bank Account	None	None	No monthly fee	None required	$3.50 per transaction	Checks not mentioned; page says no overdraft fees
Chase Secure Banking	None	$59.40	$4.95; waived with $250 or more in qualifying electronic deposits, an owner aged 17 to 24, or a link to a qualifying Chase checking account such as Sapphire Checking	None required	$3 per withdrawal	Paper checks not available; page says no overdraft fees
Wells Fargo Clear Access Banking	None	$60.00	$5.00; waived with $250 or more in total qualifying electronic deposits, an owner aged 13 to 24, or a qualifying military direct deposit	$25	$3.00 per withdrawal	Checkless; no overdraft fees
Bank of America Advantage SafeBalance Banking	$59.40	Same (fee not waived)	$4.95; waived with a $500 minimum daily balance, an owner under 25, or BofA Rewards Preferred Plus or higher	$25 or more	$2.50 per withdrawal or transfer	Cannot write personal checks; no overdraft item fees
TD Essential Banking	$59.40	Same (fee not waived)	$4.95; waived only for an owner aged 13 to 17	None required	$3.00 per withdrawal or transfer	Personal checks not offered; no overdraft fee
U.S. Bank Safe Debit Account	$59.40	Same (fee not waived)	$4.95; cannot be waived	$25	$2.50 per transaction	Checkless; no overdraft paid fee

Rows are sorted by the year of fees in the scenario, then by the year if the fee is never waived; identical rows are alphabetical, so the order shows cost, not quality. "None" means the bank prints no fee to pay. ATM figures are the bank's own fee for a U.S. withdrawal, before any surcharge from the machine's owner, and the year figures are our arithmetic. Sources: see How we compared.

A second chance account is a basic checking account, usually with a small monthly fee, no overdraft fees and no checks, aimed at people a bank declined before or who want a cheaper, safer account. Our guide to checking accounts with no overdraft fees covers standard accounts; these are separate low-fee products, and the standard accounts at Chase and Wells Fargo can charge overdraft fees.

How the scenario works, and where the order changes

The deposit clears the qualifying-deposit test at Chase and Wells Fargo, so both fall to nothing. It does not help at Bank of America, which waives with a $500 minimum daily balance, an owner under 25 or a BofA Rewards Preferred Plus tier; at TD, which waives only for owners aged 13 to 17; or at U.S. Bank, whose fee cannot be waived. The never-waived column is the printed fee times 12: $59.40 for the four accounts with the same fee, and $60.00 at Wells Fargo, which charges per fee period of 25 to 35 days.

Four things reorder the table. Pay by Zelle, cash, check or mobile deposit does not count as a qualifying electronic deposit at Chase or Wells Fargo, so without a payroll or benefit deposit both cost their never-waived figure. A balance of $500 or more every day would waive Bank of America's fee. An owner under 25 waives the fee at Chase (ages 17 to 24), Wells Fargo (13 to 24) and Bank of America. Chase also says new accounts are not charged its monthly fee for at least the first two statement periods.

What second chance means on these pages, and who decides

Only one of the nine providers' pages we read uses the phrase. Wells Fargo's Clear Access page calls the account "Ideal as a first teen or student bank account, or second chance banking opportunity", and its FAQ says second chance accounts are for customers "unable to open standard accounts due to past credit or banking history." We do not call the other eight second chance products.

Every bank still decides. Chase and TD say accounts are subject to approval, and Capital One says "Based on varied factors, you may be denied for a 360 Checking account." Varo says most applicants get a decision within three business days. Current says it may use third-party information to help decide eligibility. Chime says applying has no impact on your credit scores. Bank of America and U.S. Bank do not publish approval criteria on the pages we read.

Chase, Wells Fargo and TD each say their account meets the Bank On National Account Standards. And "no overdraft fees" does not mean a card always works. Chase, Wells Fargo and Bank of America say they decline or return transactions when money runs short, and a tip added after approval can leave a negative balance without an overdraft fee.

The nine accounts, one at a time

1. Capital One 360 Checking: no monthly fee, approval left to the bank

Capital One's page says there are no monthly fees, no minimum balance to open, keep and use the account, and no overdraft fees. It lists 70,000+ fee-free Capital One, MoneyPass and Allpoint ATMs (count updated September 18, 2026). The weakness is overdraft: its no-fee overdraft needs regular deposits of at least $250 in two of the previous three calendar months, so a new account does not get it at first. See Capital One 360 Checking.

2. Chime Checking: no monthly fee, but Chime is not a bank

Chime's page lists no monthly service fees, no minimum balance fees, no overdraft fees and no minimum opening deposit. Chime says it is a financial technology company, not a bank, with banking services from The Bancorp Bank, N.A. or Stride Bank, N.A. Its optional SpotMe overdraft needs at least $200 a month in qualifying direct deposits and starts at a $20 limit, rising to $200 or more later. See Chime Checking.

3. Current: no monthly fee, but fees on an unused account

Current's deposit agreement, last updated June 22, 2026, lists no monthly fee. It does charge $3.50 per cash deposit at participating partners, $5 a month after 12 consecutive months of inactivity and $10 to close the account. Current says it is a financial technology company, not an FDIC-insured bank. Overdrafts are not permitted unless you opt into Fee-Free Overdraft, which needs an eligible payroll deposit of at least $200 in the preceding 35 days. See Current.

4. Varo Bank Account: no monthly fee, with retailer fees on cash deposits

Varo's page lists no minimum balance, maintenance, overdraft or account fees. Cash deposits are free at stand-alone CVS stores, but participating retailers elsewhere may charge up to $5.95 per transaction, according to its fee disclosure updated September 2026. Varo is a national bank and says deposits are FDIC-insured directly with it. It allows one account per customer, no joint accounts, and requires U.S. citizenship or permanent residency. See Varo Bank Account.

5. Chase Secure Banking: $0 with a payroll deposit, but no paper checks

Chase waives its fee each statement period with the qualifying electronic deposits in the table or an owner aged 17 to 24. The page says no minimum deposit, no overdraft fees and Bank On certification since 2019. The weaknesses are that paper checks are not available, a non-Chase ATM costs $3 per withdrawal in the U.S. plus any surcharge, and the account earns no interest. Its standard counterpart, Chase Total Checking, has different fees.

6. Wells Fargo Clear Access Banking: the page that says second chance

The fee is waived each fee period by $250 or more in total qualifying electronic deposits (transfers, Zelle, mobile deposits and branch or ATM deposits do not count), an owner aged 13 to 24, or a military direct deposit. The page says there are no overdraft fees, and the fee schedule lists a $25 opening deposit and no interest. The weakness is the lock: for customers unable to open a standard account because of past credit or banking history, the page says the account cannot be converted into another Wells Fargo account for the first 365 days. The standard counterpart, Wells Fargo Everyday Checking, is covered in our Everyday Checking review.

7. Bank of America Advantage SafeBalance Banking: the waiver depends on balance

Bank of America's Clarity Statement, current as of August 2026, ties the waiver to a daily balance, age or a BofA Rewards tier, and its page ties Preferred Plus to $30,000 in combined balances. A deposit does not help, and a $300 balance fails the daily balance test, so the scenario year is the full fee. The monthly fee can also push a balance below zero when the balance is smaller than the fee. The standard counterpart is Bank of America Advantage Plus.

8. TD Essential Banking: no waiver for adults

TD's account guide prints the monthly maintenance fee with one exception, a primary holder aged 13 through 17, and the fee starts on that holder's 18th birthday. The guide lists a $0.00 minimum deposit, no interest and no overdraft fee. The hidden cost is a $1.00 monthly paper statement fee, which is $12 a year.

9. U.S. Bank Safe Debit Account: a fee that cannot be waived

U.S. Bank's snapshot and its pricing guide, effective May 12, 2025, agree that the monthly maintenance fee cannot be waived and the minimum opening deposit is $25. Overdraft services are not available, and a transaction can still cause a negative balance. A stop payment costs $35 (ACH items only). MoneyPass surcharges can be refunded by phone, but U.S. Bank's own out-of-network ATM fee may still apply.

What out-of-network ATM fees add up to

At one out-of-network withdrawal a month, the bank's own fee adds $36 a year at Chase, Wells Fargo and TD, $30 at Bank of America, U.S. Bank and Chime, and $42 at Current and Varo, before any surcharge from the machine's owner. Capital One charges none of its own. Chime lists 47,000+ fee-free ATMs and Varo 40,000+ at Allpoint, where the bank's own fee does not apply.

What a checking account screening report is

The CFPB's archived guidance, dated August 2, 2017 and possibly outdated, says checking account screening reports come from specialty consumer reporting companies and describe how consumers use their deposit accounts. It says a bank that turns you down based on one must send an adverse action notice naming the screening company, and you can then request a free report. The CFPB's listing for Chex Systems, Inc. says the company provides one free report every 12 months if you request it. See the archived guidance and the Chex Systems entry.

Deposits at an FDIC-insured bank are insured to at least $250,000 at each bank, according to the FDIC. Chime and Current say they are not banks and describe insurance through partner banks, only if certain conditions are met.

Which account fits which situation

A payroll or benefit deposit every month: Chase Secure Banking and Wells Fargo Clear Access Banking waive their fees on a deposit like the scenario's, and stop waiving if it stops.
No regular deposit and a thin balance: the four accounts with no monthly fee leave no waiver to track. Compare approval terms, ATM networks and, for Chime and Current, the partner-bank structure.
Under 25: Chase, Wells Fargo and Bank of America waive the fee by age, TD only for ages 13 to 17. See debit cards for kids for younger teens.
Two owners: Varo and Current allow one owner; see joint checking accounts.
Interest or a bonus: Chase Secure, Wells Fargo Clear Access, TD Essential and Current pay no interest. See high-interest checking, bank account bonuses and free checking accounts.

FAQ

What is a second chance checking account?

It is a basic checking account for people a bank declined before or who want a cheaper, safer account. Wells Fargo's page describes second chance accounts as for customers unable to open standard accounts due to past credit or banking history. The accounts here have no overdraft fees, and most have no paper checks.

Which second chance checking account costs the least a year?

Among the nine accounts we priced, Capital One 360 Checking, Chime, Current and Varo cost $0 a year in monthly fees, because none prints one. Chase Secure Banking and Wells Fargo Clear Access also reach $0 while their deposit test is met. ATM fees and approval are separate, as of October 19, 2026.

Can the monthly fee on a second chance account be waived?

It depends on the bank. Chase and Wells Fargo waive theirs with qualifying electronic deposits or an owner's age, Bank of America with a daily balance or age, and TD only for ages 13 to 17. U.S. Bank says its fee cannot be waived.

Can I open a checking account after a closed account or a past overdraft?

The bank decides, and none of these pages promises approval. Wells Fargo's page says second chance accounts are for customers unable to open standard accounts because of past credit or banking history. The CFPB's archived guidance says a bank that denies you based on a screening report must name the company.

Do second chance accounts charge overdraft fees?

All nine say they charge none or list none. That does not guarantee a purchase will go through: a card can be declined when the balance is short, and a negative balance can still occur, for example when a tip is added after approval or a deposit is returned.

This page is general information, not personalized financial advice. Confirm the current fees, waiver rules and approval terms with each bank before you open an account or move money.

Financeradar may earn a commission from some links (how we make money).

How we compared

We read each provider's own pages on October 19, 2026. Chase: Secure Banking and its fee schedule, effective June 14, 2026. Wells Fargo: Clear Access, its fee summary, monthly fee page and the fee schedule, effective July 28, 2026. Bank of America: banking solutions, the Clarity Statement and the Personal Schedule of Fees, effective August 7, 2026. U.S. Bank: the snapshot and pricing guide. TD: Essential Banking and its account guide. Capital One: 360 Checking. Varo: its bank account page and fee disclosure. Current: its home page and deposit agreement. Chime: checking.

The year figures are our arithmetic: the printed monthly fee times 12, with a waiver applied only where the scenario meets the bank's printed rule. We assumed no overdraft, paper statement or foreign-use fees. We did not open any of these accounts.

Cite this: Financeradar, "Second Chance Checking Accounts in 2026: Monthly Fees and Waivers Compared", October 2026.

Second Chance Checking Accounts in 2026: Monthly Fees and Waivers Compared