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DictionaryMoney
A second chance account is a bank account with fewer services and lower fees, meant for people who cannot open a regular account because of problems in their banking history. Those problems usually show up on a checking account report: a negative balance you did not repay that led the bank to close your account, bounced checks or overdrafts, suspected fraud, or a joint account with someone who had those problems.
In Spanish it is
Cuenta de segunda oportunidad
Also written as: second-chance bank account · second chance checking
Each bank or credit union sets its own rules, and some ask you to pay old charges first.
Daniela was denied an account because of an overdraft she never repaid. She asks a credit union whether it has a second chance account, so she can have a place to deposit her pay again without carrying cash.
You will rarely see this word alone. These are the ones that show up with it on the same papers.
A HUD-approved housing counselor can walk you through it. Agencies usually charge little or nothing, many work in Spanish, and they do not sell you anything.
We sum up what these official sources say, in plain words. We add no rules they do not state; when a rule changes, the definition and its date change.
