27 replies to this topic

[Santimtz]

I'm posting here to provide information about Wells Fargo Opportunity Checking. As most of you reading this are probably searching for or researching second chance checking accounts, I, too have been reported to Chexsystems, EWS and have negative credit marks for overdrawn checking accounts (four total) which have been to BofA, Compass Bank and to a local credit union and bank. These were all my fault and I was very irresponsible with my spending. I have since changed my ways and am slowly starting to work my way back into the financial world. My BofA account was paid in full but they closed in 2010 for abuse and fraud which I had no idea that existed. I was constantly overdrawing the account and I did have direct deposit into it. The other three were closed because I over drafted by several hundred dollars and never paid back. These accounts have been in the past four years. About two years ago I opened a Fidelity Cash Management account and have been using that to post my direct deposit into. I've never had any issues with them, they post direct deposits a day early, have a liberal debit card with atm rebates. But I've needed/wanted a local brick and mortar account to deposit cash that I occasionally obtain (legally) as Fidelity does not have any way to accept cash and they don't accept money orders. I recently went into Wells Fargo (March 19) to try my luck with their opportunity checking after reading different reviews. Their minimum deposit is $50. I brought along a $1600 Canadien check issued in U.S. funds with me (Fidelity also doesn't accept foreign checks). I sucked it up and talked with a banker and explained my past with my checking accounts and that I was only interested in their Opportunity account as I knew I wouldn't qualify for their regular accounts. Before I let him begin taking my information, I very firmly stated that I DID NOT want checks or overdraft protection. He was very polite and understanding and we began the process of opening it. I was nervous the whole time and was pretty sure I would be denied on the spot. Before I knew it, he was asking me for my opening deposit, I handed him the Canadien check I had and he didn't bat an eye. There are many restrictions and fees to this account so be sure to read them before you decide. I was told my account would be reviewed around the six month mark and if it meets their criteria (who knows what that is) that I would be graduated to a regular account. Today is April 6th and my account hasn't been closed despite the horror stories I've read about them opening and then closing the account a week later. I believe it's because I didn't want overdraft protection (this account offers that feature). I received a letter from Wells Fargo two weeks later stating that they checked my credit report when I opened my account (I have terrible credit, different post) and if I have any questions that I was entitled to a free report and to call them. I hope this offers some information to those who are looking into this account. If anything changes, I'll provide an update. As of the 6th, I haven't set up any direct deposit but plan to after the 30 day mark. Any questions or comments, I'll gladly reply to. Good luck.

[tmcgill]

Thanks for the post. I had both personal and biz accts at WF. I switched to a local credit union because of the monthly and wire transfer fees. If someone needs a second chance acct, there may be better local options out there. We advise getting referrals from us and making an informed decision that meets your monthly needs.

Edited by tmcgill, 07 April 2016 - 09:23 AM.

[dredee0]

There are many other local options out there, but you cant beat the branch count... I still prefer credit unions.

[tmcgill]

I will also add, my local Wells Fargo had greatly improved customer service. Changing for lower fees was my own personal preference.

[Santimtz]

***UPDATE 10/1/16***
I just recently passed the 6 month mark on this account and it is still open and in good standing. I haven't been upgraded to a regular account yet but haven't really looked into it just yet. One new thing that I found out recently is that I am now able to make deposits via ATM but still no mobile deposits.

[chaos247]

Can you open a WF Opp. Checking if you have "suspected fraud" and are currently taking legal action against it? BOA reported that on my ews and chexsystems report last year and the issue wasn't my fault. That is the only item that I have on both reports.

[tmcgill]

Unlike Chexsystems, EWS is usually an instant denial, or quick closure after the account is open. Until it is clear, let us know if you need a non-Chex, non-EWS list for your area.

[chaos247]

How long does ews report? I know Chexsystems is 5 years.

[tmcgill]

EWS has informed us they report for 5 years.

Edited by tmcgill, 18 December 2016 - 06:37 PM.

[justino112]

Unlike Chexsystems, EWS is usually an instant denial, or quick closure after the account is open. Until it is clear, let us know if you need a non-Chex, non-EWS list for your area.

tmcgill, can you forward me a list of banks in Palm Beach County Florida that don't use EWS/Chex?

[tmcgill]

Any experience with these?

 

First Choice Credit Union - https://www.firstchoicecu.org/

Membership: Anyone who lives or works in Palm Beach, Florida.

**Credit Report only

They are a member of the CO-OP network. Which means you can bank at any credit union who belongs to that network.

 

Other Florida options to the north of Palm Beach (upper Florida)

 

Woodforest Bank - woodforest.com

Second Chance Accounts

 

Renasant Bank - renasantbank.com

ID Only

 

Atlantic Coast Bank - atlanticcoachbank.net

Second Chance Accounts

[Adina01]

Hi tmc, can I get a list of banks and credit unions? I'm in Calif.
I was approve with BofA online over a week ago and received my debit card couple days ago. So far so good then again my acct is still freshly new. Reading stories on here, I want to open another acct just in case BofA decides to close my acct.

[jack126adam]

Hi, would you know of any in the Louisville Ky area?

[tmcgill]

Adina01 - Northern or Southern CA? The options vary depending on geographical location in the state.

 

jack126adam

Possible Louisville, KY Opportunities:

 

1.  Park Community Credit Union - www.parkcommunity.com

     Credit Report Only. Restricted checking if FICO is below 574.

 

2.  Wilson & Muir Bank - www.wilsonmuirbank.com

     Credit Report Only.     

 

3.   WesBanco - www.wesbanco.com

      Second Chance Checking

 

4.   Woodforest Bank - www.woodforest.com

      Second Chance Checking

      Located on Cedar Springs and the Outer Loop

 

Make a quick call and verify which approval system they use before applying. They may have changed their approval system before our list was updated.

Edited by tmcgill, 09 February 2017 - 02:47 PM.

[Adina01]

Southern Cali

[tmcgill]

Southern California:

 

1.  Woodforest Bank - www.woodforest.com

     Several branches in LA and southern CA.

     Second chance checking

 

2.  Alta Vista Credit Union - www.altavistacu.org

     Second chance checking

 

3.  Southland Credit Union - www.southlandcu.org

     Second chance checking

 

4.  Federal Employees Credit Union - www.fewfcu.org

     Telecheck only

 

     (Those credit unions are open to those who live or work in southern CA counties)

       Credit unions have shared branch banking, and you can bank with any CU near you in that network.

 

Call and verify what they use for approvals, in the event it has changed since the last list update.

 

Note:  We have gotten good feedback on vitual banking through Chime Bank - www.chimebank.com

Edited by tmcgill, 10 February 2017 - 09:55 AM.

[Adina01]

Awesome, thank you tmc, I'll update on the bank(s) i apply for.

[Adina01]

Update: Alta Vista CU is a no go, I don't qualify the requirements of living, working, in the areas listed, the same for Federal Employee CU I'm not employed in the Health/ Welfare field. Southland CU, since my parental unit lives and worship in a city that is listed, I applied I worship in that city not sure if they'll ask for some type of proof but I didn't get an instant denial but instead someone will call me for additional info, I'll follow up when they call.

Note: Self Help CU is close to where I live... Pomona/ El Monte, I called them to inquire membership, they do check Chexsystem. I let them know I have 2 entries in Chex (one paid and another NSF from 2014) person on phone says brunches are very lenient and will work with you. If Southland is a fail, I'll check them out.

[tmcgill]

I thought I read that Federal had widened their membership field for anyone in the county. I guess I was mistaken but will verify that. Keep us updated. Let us know if you need more referrals.

[Adina01]

Here's who can be a member at Federal Employees CU, hope this helps.

WHO CAN JOIN

The field of membership shall be limited to those having the following common bond:

Social Security Administration (SSA) Retirement Housing Foundation (Long Beach only)
Department of Housing and Urban Development (Los Angeles only) Kedren Headstart Program (Los Angeles only)
Office of Education Jenesse Center (Los Angeles only)
Department of Health and Human Services Latin American Civic Association (Los Angeles only)
National Credit Union Administration Hirsch Pipe and Supply (Los Angeles only)
Federal Labor Relation Authority Employees of this credit union
Persons within the "immediate family" of a member. "Immediate family" means spouse, child, sibling, parent, grandparent, grandchild, stepparents, stepchildren, stepsiblings, and adoptive relationships.
Organizations of such persons

Edited by Adina01, 10 February 2017 - 04:26 PM.

[tmcgill]

Thanks. Keep us updated.

 

I recommended these in the past. Any experience with them?

 

US Bank - http://www.usbank.com/

(Several southern CA branches)

Will ignore older Chexsystems entries (Reports vary; 2-3 years old)

 

Community Commerce Bank - http://ccombank.com/#branches

**Savings only

 

Orange County Credit Union - https://www.orangecountyscu.org

Savings (Possible checking after report review)

• Everyone living or working in Orange or Riverside counties, and the cities of Long Beach, Signal Hill, Lakewood, and Cerritos.
• Any immediate family* or household member of an Orange County's Credit Union Member.
• Employees of companies and organizations for which Orange County's Credit Union is their Credit Union of choice.
• https://secure.ander...822E413B86AA430

 

United Security Bank - https://www.unitedsecuritybank.com/

(Second chance checking if Chex entry is over a year old)

Edited by tmcgill, 10 February 2017 - 04:44 PM.

[Adina01]

I applied for US Bank years ago, I was able to open a checking acct at in-store branch, no questions ask. I don't know what entries I had at the time.
OC Credit Union, I also had years ago, I think they will open a savings w/o ATM but it's a case by case basis. Not sure what the policies are now to opening new acct's

[Adina01]

Update: I haven't heard back from Southland CU but I did apply for Washington Savings Bank, I was approved in two days for checking acct (applied on Thursday, approved on Friday and rec'd my acct# today via email). There is a maintenance fee of $9.95/ monthly, you are required to set up direct deposit or they will close the account and if you go into the bank (for those who live locally) or contact customer service you will get charged $2.00 for live support fee. You can reach out to your "bank coach" via email for any issues you might have. Your bank coach will be the one sending you emails in regards to opening acct's, etc.

So far so good with BofA, still crossing fingers in hoping my acct stays open.

[tmcgill]

A note about Washington Savings:
If you don't setup direct deposit within a short period, they will restrict your debit card usage. I had an account with them a long time ago, but luckily my Chex file cleared and I was able to get a local account.

[Adina01]

Thank you for the heads up, already set up direct deposit with my employer, should go into effect in one or two payroll 👍🏼