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The First National Bank of Long Island Review: Checking, Savings and Money Market Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

The First National Bank of Long Island was first established as the The First National Bank of Glen Head in 1927, after many North Shore farmers and small business owners were having to travel about 30 miles from Glen Head, Long Island to New York City to do their banking.

Local residents came together to raise $50,000 in capital to open this first location, and its second branch eventually opened in Roslyn, N.Y. in 1956, followed by several more locations throughout Nassau and Suffolk counties on Long Island, as well as in Manhattan. In 1978, the bank officially changed its name to its current one, The First National Bank of Long Island.

Today, the bank offers a wide selection of personal deposit accounts, including checking, savings and money market accounts. Read on to learn if these accounts will fit your banking needs, and how they compare with the competition.

The First National Bank of Long Island checking account options

First Class Banking Package

A checking and savings package that offers various benefits.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $35
  • ATM fee: None; $1.75 for outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This package is a combination of a checking and savings account, which does have the ability to earn interest, though you will need to contact the bank to find out the rates.

It also comes with free standard personalized checks, unlimited check writing, free check images, free ATM withdrawals on both in-network and out-of-network ATMs when minimum balances are maintained (there’s no requirement for the checking account, but it’s $3,000 for the savings account), a debit card with the potential to earn shopping rewards and free travelers checks.

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Free Checking

A basic checking account with no monthly requirements or monthly fees.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This account does not have the ability to earn interest. However, it does come with a low opening deposit requirement, and no monthly service charges or minimum balance requirements. It also provides a free first order of 50 standard personalized checks, a debit card offering shopping rewards, unlimited check writing and free check images.

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Regular Checking

A non-interest earning checking account with minimal requirements.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12; can be waived with minimum balance of $750
  • ATM fee: None; $1.75 on outside bank ATMS
  • ATM fee refund: None
  • Overdraft fee: $38
This checking account doesn’t have the ability to earn interest, and the minimum balance to avoid its monthly fee is pretty high for a checking account. It does, however, come with a free first order of standard personalized checks, unlimited check writing, free check images and a debit card with the potential to earn shopping rewards.

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Senior Checking

A checking account for customers age 60 or older.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $12; can be waived with minimum monthly balance of $250
  • ATM fee: None; $1.75 on outside bank ATMS
  • ATM fee refund: None
  • Overdraft fee: $38
This checking account is for bank customers age 60 or older and requires a direct deposit enrollment such as Social Security or pension benefits. While it doesn’t have the ability to earn interest, it has a low minimum balance requirement and offers a free first order of 50 standard personalized checks, unlimited check writing, free check images and a debit card with the potential to earn purchase rewards.

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Student Checking

A checking account with minimal requirements for students ages 13 to 23.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5; can be waived with minimum monthly balance of $25
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This non-interest bearing student account is available to students ages 13 to 23. Those ages 13 to 17 need to open the account jointly with a parent or guardian. The account holder will need to be sure to transfer the account’s funds to another account before his or her 24th birthday.

This account also requires the owner to receive statements electronically, Otherwise, the minimum opening deposit and balance requirement are extremely low, and the account comes with a free debit card with the potential to earn shopping rewards, a free first order of 50 personalized checks, unlimited check writing and free check images.

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Personal Advantage Checking

An interest-bearing checking account with a higher balance requirement
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $20; can be waived with minimum monthly balance of $3,000
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This interest-bearing checking account has many of the same benefits as the bank’s other checking accounts, though it has a pretty steep minimum balance requirement to avoid its monthly fee. You’ll need to contact the bank to obtain the current rate.

The account also offers 50 free checks, unlimited check writing, free check images and a debit card with the potential to earn rewards.

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Budget Checking

A basic checking account with minimal restrictions for basic needs.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3; additional fee of $9 if you exceed 8 withdrawals in a month
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This basic checking account has a low opening deposit and no minimum deposit requirement. It also comes with a low monthly fee, as well as an additional fee if you exceed eight withdrawals in a month, though that shouldn’t be too difficult to avoid. This account also comes with 50 free checks, and a debit card with the potential to earn rewards.

How to get The First National Bank of Long Island’s checking accounts

All of The First National Bank of Long Island’s checking accounts must be opened in person at a branch. Visit the website to find the location nearest you.

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How The First National Bank of Long Island’s checking accounts compare

The First National Bank of Long Island offers several checking accounts, many of which are able to earn interest, and many with minimal fees and requirements. However, to truly determine if one of these accounts is the best on for you, you should contact the bank to find out available rates and see if they truly stack up against those on our list of the best online checking accounts.

The First National Bank of Long Island savings account options

Platinum Savings

A savings account offering a premium rate in exchange for a very high balance requirement.
  • Minimum opening deposit: $150,000
  • Minimum balance to earn APY: $2,500
  • Monthly account maintenance fee: $10; can be waived with minimum monthly balance of $150,000
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

The First National Bank of Long Island advertises this account as being beneficial for affluent customers. It has a pretty steep minimum opening deposit requirement and minimum balance requirement to avoid the monthly fee. In comparison, its minimum balance to earn interest appears to be on the low end. Contact the bank to obtain current rate information.

As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain debits up to six per month.

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Personal Statement Savings

A basic savings account with no balance requirement to earn interest.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: $7.50; can be waived with minimum monthly balance of $500
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38
This account boasts the ability to earn interest from the day of deposit to the day of withdrawal. It also has a low minimum deposit requirement and balance requirement to avoid its low monthly fee. While no set balance is required to earn interest, you’ll have to contact the bank to find out what the rates are. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain debits up to six per month.

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K Savings

A savings account for kids under the age of 18.
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $38

This account is a great option to teach kids and grandkids about good saving habits early in life. It’s available to those under age 18 and comes with a special interest rate for the first 90 days the account is open. From there, the more they save, the more interest they will earn, with up to a $15 credit every year. There is no minimum balance requirement to earn interest, and no monthly maintenance fee. You’ll need to contact the bank to obtain current rate information. Account holders have the choice of a passbook or statement savings account with unlimited access to in-branch withdrawals and free electronic statements. This account is opened as a Uniform Transfer to Minor account. It is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six per month.

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Holiday Club

A savings account specifically meant for socking away funds for the holiday season.
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: N/A

This account is meant specifically for saving up for the holidays. Interest is earned on all balances at the end of the holiday year, and there is no minimum opening deposit or monthly maintenance fee. You’ll need to call the bank to obtain current rate information. Account owners can set up an automatic transfer from their First National Bank of Long Island checking account.

This account comes with electronic statements and renews automatically every year, with the money credited back into your checking account at the end of the year. Account holders also have the option to set up a 50-week payment schedule, though a fee may apply if it is closed before the final payment. Contact a branch for more information about this. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers up to six per month.

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Gold Savings Passbook

Another interest-bearing savings account with a low balance requirement to earn the rate.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $500
  • Monthly account maintenance fee: $7.50; can be waived with minimum monthly balance of $500.
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

This traditional passbook savings account earns interest from the day of deposit to the day of withdrawal. It has a low minimum opening deposit and a minimal balance requirement to earn interest and avoid the money fee. Contact the bank to obtain current rate information. It is also subject to Federal Reserve Regulation D, which limits certain withdrawals and transfers to six per month.

How to get The First National Bank of Long Island’s savings accounts

The First National Bank of Long Island’s savings accounts must be opened in person at a branch. Visit the website to find one near you.

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How The First National Bank of Long Island’s savings accounts compare

Just like with its checking accounts, The First National Bank of Long Island offers and array of savings accounts, most of them with low requirements and monthly fees. All of them have the ability to earn interest, though you’ll have to contact the bank to find out what the rates are. Once you have those rates, you’ll want to be sure to compare them with our list of the best online savings accounts to help determine if you’re truly choosing the best product for your savings goals.

The First National Bank of Long Island money market account option

Personal Money Market Savings

The bank’s Statement Savings account, but with a money market rate.
  • Minimum opening deposit: $50
  • Minimum balance to earn APY: $3,000
  • Monthly account maintenance fee: $35; can be waived with minimum monthly balance of $1,000
  • ATM fee: None; $1.75 on outside bank ATMs
  • ATM fee refund: None
  • Overdraft fee: $38

As with a few of the bank’s savings account, this one boasts having a money market rate — as it should, since it’s a money market account by name. It also has a low opening deposit requirement, and fairly low balance requirements to earn interest and avoid incurring the monthly fee. Be sure to contact the bank to get current rate information. As a savings account, it is subject to Federal Reserve Regulation D, which limits certain debits up to six per month.

How to get The First National Bank of Long Island’s money market account

As with all of The First National Bank of Long Island’s personal account products, this one must be opened in person at a branch. Visit the website to find a location near you.

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How The First National Bank of Long Island’s money market account compares

As with all of The First National Bank of Long Island’s personal accounts, you’ll have to contact the bank to find out the available rate for this one. Once you have that information, you can determine if it compares with those on our list of the best money market account rates. Otherwise, this is your standard, run-of-the-mill money market account, though it has a low opening deposit requirement, and a fairly average balance requirement to earn interest.

Overall review of The First National Bank of Long Island’s banking products

It’s plain to see that The First National Bank of Long Island offers an abundance of checking and savings accounts, in addition to the one money market account. Having so many choices might appear to be overwhelming, especially if you don’t even know the available rates upfront.

Additionally, as the bank’s name implies, it caters specifically to Long Island residents, so you’ll want to be sure you live near one of its many branches, since you’ll have to visit one in person to open an account. It might not be worth all the effort, but be sure to research all rates for the type of account you’re looking for and making sure they stack up against the competition before settling on one of these accounts.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

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Reviews

Apple Card Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

The information related to Apple Card and Uber Visa Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Apple aims to redefine credit card usage with the launch of the Apple Card, which debuted in March 2019. In addition to providing a simplified application process and not charging any fees, the Apple Card encourages members to pay less interest and provides special privacy and security features. Customers also receive a percentage of every Apple Card purchase amount in the form of Daily Cash.

Cardholders earn 2% Daily Cash every time they use Apple Card with Apple Pay. 3% Daily Cash on all purchases made directly with Apple, including at Apple Stores, apple.com, the App Store, the iTunes Store and for Apple services, and using Apple Pay for Uber and Uber Eats and 1% daily cash on store, website or app that doesn't take apple pay.

Daily Cash, which is automatically added to your Apple Cash card in the Wallet app on your iPhone, can be used like cash to make purchases, send money to your bank account, pay down your Apple Card balance and more.

If you have an iPhone 6 or later, you may be eligible for the Apple Card. To apply, simply update your iPhone to iOS 12.4, open the Wallet app and tap the plus (+) sign. Once approved, you can begin using your Apple Card instantly via Apple Pay.

You will also be issued a physical, titanium card to use at locations where Apple Pay is not yet accepted. Purchases made using the titanium Apple Card will earn 1% Daily Cash.

In this review, we’ll break down the pros and cons of the Apple Card as well as show how it compares to the Uber Visa Card.

Where the Apple Card stands out

Rewards rate. The Apple Card offers 2% Daily Cash every time they use Apple Card with Apple Pay. 3% Daily Cash on all purchases made directly with Apple, including at Apple Stores, apple.com, the App Store, the iTunes Store and for Apple services, and using Apple Pay for Uber and Uber Eats and 1% daily cash on store, website or app that doesn't take apple pay.

No fees. You will not be charged additional fees to use the Apple Card. In addition to a $0 annual fee, the Apple Card comes with a $0 returned payment fee, a $0 late penalty fee (although you will incur interest charges) and no foreign transaction fees.

Smart payment suggestions. To help you make informed decisions when paying your card bill, the Apple Card will estimate the interest charges you will incur (in real time), based on the amount you decide to pay.

Also, the Apple Card offers smart payment suggestions to encourage you to pay down your balance more quickly.

Privacy and security. A unique card number is created on your iPhone for your Apple Card. This means that each purchase made using your iPhone is protected by Face ID or Touch ID authorization, as well as a one-time unique dynamic security code.

Additionally, the issuer of the Apple Card, Goldman Sachs Bank USA, does not share or sell your data to third parties for marketing and advertising purposes.

Additional Apple Card benefits

  • Titanium card for places that don’t accept Apple Pay
  • Ability to contact Apple Card support 24/7 by sending a text from Messages
  • Real-time views of your latest transactions and balance via the Wallet app
  • Weekly and monthly spending summaries

Where the Apple Card falls short

No sign-up bonus. The Apple Card does not come with a sign-up bonus.

Application restrictions. If you’re an Android cellphone user, you’re out of luck. The Apple Card is only available if you have an iPhone 6 or later that runs the latest version of iOS.

How it compares with the Uber Visa Card

If you want to earn bonus cash back in popular spend categories without paying an annual fee, there are other credit cards to consider. The Uber Visa Card, for example, offers 4% back on dining, including UberEats, 3% back on hotel and airfare, 2% back for online purchases, Uber and music streaming services, and 1% on everything else.
Additionally, the card also comes with a $0 annual fee and doesn’t require an iPhone to apply.

See how the Uber Visa Card compares to the Apple Card in the table below.

 Apple CardUber Visa Card
Annual fee$0$0
Sign-up bonusN/AEarn $100 after spending $500 on purchases in the first 90 days.
Rewards
  • 2% Daily Cash every time they use Apple Card with Apple Pay. 3% Daily Cash on all purchases made directly with Apple, including at Apple Stores, apple.com, the App Store, the iTunes Store and for Apple services, and using Apple Pay for Uber and Uber Eats and 1% daily cash on store, website or app that doesn't take apple pay.

  • 4% back on dining, including UberEats, 3% back on hotel and airfare, 2% back for online purchases, Uber and music streaming services, and 1% on everything else.

Intro APR on purchasesN/AN/A
Regular purchase APR12.99%-23.99% Variable17.74% - 28.49% Variable
Foreign transaction feesNone0% of each transaction in U.S. dollars.

Unlike the Apple Card, the Uber Visa Card allows you to earn $100 after spending $500 on purchases in the first 90 days. Additionally, the Uber Visa Card offers a higher cashback rate on dining, hotels and airfare.

That said, the Uber Visa Card offers a slightly lower cashback rate on Uber purchases than the Apple Card: The Uber Visa Card offers 2% back on Uber purchases, compared with 3% with the Apple Card. The caveat is you must pay for your Uber purchases via Apple Pay to earn the 3% rate with the Apple Card.

The bottom line

If you’re an iPhone user who wants to earn cash back on every purchase and take advantage of tools that encourage responsible card usage, the Apple Card is a solid option. However, if prefer a card that comes with a sign-up bonus and a higher rewards rate on dining and travel purchases, the Uber Visa Card is the better choice.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Tracy Brackman
Tracy Brackman |

Tracy Brackman is a writer at MagnifyMoney. You can email Tracy here

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Best of, Reviews

The Top 7 Second Chance Bank Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Some banks don’t like giving second chances to customers who have less-than-stellar financial histories, especially since it could expose them to expensive risks. A record of bounced checks or debit card overdrafts could easily lock you out of the conveniences of modern banking.

Fortunately, banks also like making money, and some offer special “second chance” accounts that minimize their risk while allowing consumers to stay in the banking system. A second chance bank account gives customers with troubled records a fresh opportunity to demonstrate they can bank responsibly.

When it comes to a second chance account, fees are an unfortunate reality. But some accounts offer customers a better deal than others, and we’ve researched our database to find the second chance accounts with the most reasonable fee structures, while also factoring in whether they provide online and mobile banking, and how accessible accounts are throughout the country.

Account Name

Monthly Fee

Minimum to open

Availability

Chime$0$0Nationwide
Peoples Bank Cash Solutions Second Chance Checking$4.95 $30Nationwide
Radius Essential Checking$0$10Nationwide
Wells Fargo Opportunity Checking and Savings Accounts$10, can be waived if you meet requirements$25All 39 states (plus Washington D.C.) that has a Wells Fargo location.
BBVA Easy Checking$13.95$25Nationwide, with the exception of Alaska and Hawaii
Woodforest National Bank Second Chance Checking$9.95 monthly maintenance fee if you use a direct deposit; $11.95 without a direct deposit$25Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, and West Virginia
First National Bank and Trust Company Renew Checking $9.95; $7.95 with direct deposit$25Select areas of Wisconsin and Illinois

Second chance account basics

With a second chance bank account, customers shut out of traditional bank accounts get the opportunity to win their way back into a bank’s good graces. Similar to credit bureaus, financial services company ChexSystems maintains records of consumers’ banking histories. Bounced checks, overdrawn accounts or instances of fraud can all end up on your ChexSystems record; if you accumulate enough black marks on ChexSystems, banks could deny your application to open a new account.

Because second chance accounts are meant for customers who have demonstrated bad banking behavior, some lack features of traditional accounts, such as overdraft protection. In the eyes of the bank, you represent too much of a risk for them to extend you such courtesies.

Nobody likes paying fees, and we generally advise consumers to avoid needless banking fees due to the many fee-free banking options available. But fees are the price you pay for access to banking when you have a poor record. Plus, the second chance accounts listed below give you access to online and mobile banking, which is always a plus.

The 7 best second chance bank accounts

1. Chime

Chime

Fintech app developer Chime is not a bank, however their online checking account product is open to everybody no matter how bad your record is with ChexSystems. Chime does not check on applicants with ChexSystems, plus they offer lots of non-traditional features to help you get your financial life back on track. Best of all is the fact that they charge no fees at all, and require neither a minimum opening deposit or a minimum balance.

Chime account features:

  • No opening balance or minimum balance requirements.
  • Set up direct deposit for your paycheck, and the funds from each pay period will be deposited as soon as the transaction is initiated, giving you access to your pay up to two days earlier than conventional checking accounts.
  • Automatic savings features to help you save in your connected Chime Savings account.
  • The app sends you daily bank account balance notifications, and sends transaction alerts every time you use your debit card.
  • You can disable the debit card from the app.
  • Send 15 fee-free “friend transfers” P2P payments each month.
  • Nominal 0.01% APY on all deposits.

Fees to watch out for:

  • Chime’s service is almost entirely fee-free: No monthly charges, no ACH transfer fees, no foreign transaction fees, and no ATM fees if you withdraw funds from MoneyPass or Visa Plus Alliance network ATMs.
  • If you make an ATM withdrawal outside of these networks, there is a $2.50 fee.
  • Overdrafts are not permitted, so there is never an overdraft fee.

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2. Peoples Bank Cash Solutions Second Chance Checking

Peoples Bank Cash Solutions

This Texas-based bank offers a second chance bank account that is available nationwide, and so long as you don’t have a record of bank or checking fraud on your record, you should be approved for this account. You’ll need to deposit at least $30 before the bank activates your account and provides you with checks and a debit card.

Fees to watch out for:

  • $4.95 monthly maintenance fee
  • $27.50 overdraft fee
  • $27.50 nonsufficient funds fee
  • $3.95 printed statement fee (which can be avoided with electronic statements)
  • $2.00 ATM withdrawal fee at machines not owned by Peoples Bank
  • $25 stop payment fee
  • $20 account closure fee (if within 90 days of opening account)

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3. Radius Essential Checking

Radius Bank

Products from online bank Radius are available to customers nationwide, and accessibility is a strong point in its favor. This second chance bank account only requires customers to deposit $10 to open an Essential Checking account, which is lower than some other accounts on this list.

Account Features:

  • A free debit card
  • 24/7 mobile and online banking
  • Access to Radius’s budgeting and personal finance tracking apps
  • Eligibility to upgrade to Radius’s Reward Checking account after 12 months of positive banking history

Fees to watch out for:

  • $9 monthly maintenance fee
  • $25 per item non-sufficient funds fee (waived on all overdraft items $5 or less)
  • $5 daily overdraft fee

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4. Wells Fargo Opportunity Checking and Savings Accounts

Wells Fargo Bank

Wells Fargo’s Opportunity Checking and Savings Accounts are tailor-made for folks with a lackluster credit or banking history. With a $25 opening deposit, you’ll get access to a second chance bank account that offers most of the bells and whistles of a traditional bank account. The account does come with a monthly fee, although it’s possible to waive it if you meet a few requirements (see below).

Account features:

  • $25 minimum deposit to open
  • Free transfers are available between Opportunity Checking and Savings accounts
  • You can choose to opt into overdraft protection
  • Free access to bill pay
  • “My Spending Report with Budget Watch” is available if you want to pay extra attention to where your money is going
  • Free debit card with access to more than 13,000 Wells Fargo ATMs throughout the country

Fees to watch out for:

  • $10 monthly service fee, waived if any of the following are true:
    • You make 10 posted debit card purchases or payments
    • You keep a minimum daily balance of $1,500 in the account
    • You receive $500 total in direct deposits each statement cycle
  • $35 overdraft and returned item fee
  • $12.50 overdraft protection transfer fee
  • $15 fee for excess activity (exceeding withdrawals from your savings account)
  • 3% foreign transaction fee with your debit card
  • $5 for money orders
  • $31 for stop payments

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5. BBVA Easy Checking

BBVA
BBVA’s Easy Checking product is available as a second chance account to customers in the Lower 48 (sorry, residents of Alaska and Hawaii, you’ll have to look elsewhere). Note that you must open the account at one of the bank’s branch locations, or by phone outside of the branch network footprint; you cannot open this account via their website. There is a $13.95 monthly service charge to maintain the account. You can request that BBVA upgrade your account one of their regular checking products after 12 months — and ditch that high monthly fee — so long as the Easy Checking account remains active and has a positive balance.

BBVA Easy Checking features::

  • Online and mobile banking, customized alerts, and a free debit card (with option to personalize)
  • $25 minimum deposit to open
  • Free BBVA ATM withdrawals

Fees to watch out for:

  • $3 fee for out-of-network ATM withdrawals
  • $38 insufficient funds fee ($32 in California)
  • $15 deposit item returned fee
  • $32 stop payment fee made over the phone or in person ($30 in California); $25 if made online
  • No fee for closing your account within 180 days of opening

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6. Woodforest National Bank Second Chance Checking

Woodforest National Bank

This regional bank has a checking account aptly named Second Chance Checking, to help people rejected by other banks access — provided they live in one of the 17 states where a physical branch exists and can meet the $25 minimum opening deposit requirement. Those states are: Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maryland, Mississippi, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, and West Virginia.

Fees to watch out for:

  • $9.95 monthly maintenance fee if you use a direct deposit (or $11.95 without a direct deposit), $3.00 monthly paper statement fee (which can be avoided if you sign up for electronic statements)
  • $9 one-time account set-up fee
  • $2.50 ATM withdrawal fee when used at a non-Woodforest network ATM
  • $15 debit card set-up fee
  • $29 overdraft fee (for each charge)

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7. First National Bank and Trust Company Renew Checking

First National Bank and Trust Company (WI)

First National Bank and Trust Company’s second chance bank account offering is called Renew Checking. You’re eligible for a new account if you live near the bank’s Beloit, Wisc. headquarters, in southern Wisconsin and northern Illinois.

Account Features:

  • No monthly minimum balance
  • $25 minimum deposit to open
  • Free online and mobile banking, bill pay, and e-statements
  • Access to 70,000 no-fee ATMs worldwide through Allpoint and MoneyPass
  • Eligible to upgrade account after twelve months in good standing

Fees to watch out for:

  • $9.95 monthly service fee, or $7.95 with direct deposit
  • $30 early account closure fee (if closed within 90 days of opening)
  • $34.50 overdraft fee
  • $34.50 insufficient funds fee
  • $34.50 stop payment fee

The fee schedule for personal accounts at First National Bank and Trust Company is here.

LEARN MORE Secured

on First National Bank And Trust Company (WI)’s secure website

Member FDIC

Alternatives to a second chance bank account

Get a prepaid debit card

Tired of the traditional banking experience? You could opt for a prepaid debit card instead. With a prepaid card, you can load money onto it and spend at merchants that accept major credit and debit cards. But if you try and spend more money than what’s on the card, the transaction is declined — although this prevents you from accruing any overdraft or insufficient funds fees. This is useful if you feel you may still have trouble managing your spending and need an extra layer of security to prevent you from getting into trouble.

Some prepaid cards offer extra perks like advance direct deposit and free ATMs so long as you stay in their network.

Open a secured credit card

You may also have better luck applying for a secured credit card if your credit score is in good enough shape. Usually, this requires depositing cash with the lender, who then gives you the credit card for the same amount. Each month that you make on-time payments, the bank will report that good behavior to the credit bureaus, helping you boost your credit score. At the end of the payment period (generally 12 months, though it varies by banks), you’ll get the full deposit back.

Secured cards can come with high interest rates and many don’t feature the enticing rewards other high-end cards do, but they get the basic job done for consumers who don’t need a card with a high credit limit.

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Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at [email protected]

James Ellis
James Ellis |

James Ellis is a writer at MagnifyMoney. You can email James here