Second Chance Checking: Chapter 1


Chapter 1: 2nd Chance Checking Account Features
  • Guaranteed Line of Credit
  • Free VISA Debit Card  
  • Monthly Service Charge of $10
  • Strict Overdraft Policy  
  • Free E-Statements or Paper Statements


Guaranteed  Line of Credit:

A $100 line of credit will attach to the 2nd Chance Checking Account and allow you to borrow up to the credit limit. If the line of credit funds are available, they can be used to cover debit card or ACH transactions that would otherwise be declined due to a low balance. You can also advance the line of credit to withdraw cash. There is no fee for advancing funds for cash or for covering debit card transactions. A rate of 12.9% APR (annual percentage rate) will be applied to the line of credit when there is an outstanding balance. Monthly payments are required on any outstanding balance. 

Debit Card:

You will receive a free combination ATM and check card in the mail within 5-7 business days after the account opening. You will also receive a PIN that will come a few business days after you receive your debit card. ATM cards are used to access ATM’s and at an ATM you can check your balance or withdraw available cash. Click here to view the Privileged Status ATM Terminals that will not charge.  To access your account at an ATM you will need to know your PIN.

You can also use your debit card as a check card, for point-of-sale transactions. Generally, the cashier will ask you whether you want to use debit or credit. If you select debit, you will have to enter your PIN and the funds will be taking immediately from your account. If you select credit, you will need to sign for the purchase and the transaction amount will be held for approximately three business days, and then the funds will be taken from your account. However, neither transaction will be approved if the funds are not available in your account or attached line of credit. 

Checks are not allowed to be used in conjunction with the 2nd Chance Checking Account.

Monthly Service Charge Described:

A $10 monthly service charge is applied to the 2nd Chance Checking Account. However, when or if  you are allowed to open a regular checking account at MVFCU, half of the total accumulated service charge will be returned to you. The 2nd Chance Checking Account is a probationary checking account and if you do not violate its restrictions and if you meet its requirements, you will be able to open a regular checking account at MVFCU after six months. At the opening of your regular checking account, MVFCU will make a deposit equal to half of the total service charge paid for the 2nd Chance Checking Account. 

Overdraft Policy for 2nd Chance Checking Account:

You must carefully monitor your account in order to prevent overdrafts. The line of credit should greatly decrease the likelihood of overdrawing your account. However, if an overdraft does occur,  your debit card will be shut down for 30 days. If two overdrafts occur the 2nd Chance Checking Account will be closed and you will be allowed to reapply for the 2nd Chance Checking Account after three months of the account closure (if all debt to MVFCU is paid).

Click here to go to Chapter 2


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