If you have a bad credit history, most banks will close their doors to you. Databases like ChexSystems and TeleCheck, which are the credit bureaus of the banking industry, constantly update information about poorly managed checking and savings accounts. If you have earned a black mark with them, it stays on file for five years and dooms your chances of getting a checking account for that period.

However, you can still make a fresh start by opening a second chance account.

How to Open Second Chance Accounts

1. Find out whether local bank branches in your area have second chance banking accounts available. Sometimes, local banks will offer these programs for people included in ChexSystems. Some local banks may not be using ChexSystems at all, making it easier for them to accept your account.

2. There are credit unions that do not always use ChexSystems as well.

3. Search for online checking accounts. Online banks are almost always non-ChexSystems banks and function just like a real bank without the local branches.

Pros of Second Chance Accounts

1. Most banks will open an account as long as you have valid proof of identity – a driver’s license, state ID or social security card should suffice.

2. Most banks don't require a minimum balance to open an account.

3. You can make most transactions the way you do with regular accounts. You can pay bills online and have direct deposit. Account holders are usually issued a debit or prepaid credit card to withdraw money and make purchases.

4. Judicious use of the account will help you build a positive credit history. If you can show that you have kept the account open and functioning well for six months, getting a credit card becomes easier and you could graduate to a regular checking account.

5. Often banks won't issue you paper checks, so there is no fear of checks bouncing.

Cons of Second Chance Accounts

1. You may have to pay an upfront fee to start an account, ranging anywhere from $25 to $150.

2. Some banks or financial institutions may charge a small monthly fee or a fee for each deposit.