Second Chance Accounts

Start building a new banking relationship.

Don’t let your past prevent you from building a banking relationship today.

Trouble with an account in your past may be preventing you from being able to open a new account, no matter where you apply. Not only can this be inconvenient, but it also gets expensive!

Did you know…

Check-cashing services typically charge a fee of anywhere between 2 and 10% of the check’s face value. On average, people who use check-cashing services lose 5% or more of their net income to check-cashing fees.

A Lanco FCU Second Chance account gives you access to the banking services that make managing your finances more convenient and affordable.

How does a Second Chance account benefit me?

Lanco FCU’s Second Chance account costs significantly less than check-cashing services.

Example: Andrew and Ben both have net incomes of $20,000 a year…

  • Andrew uses a check-cashing service to cash his paychecks. He gets charged a fee of 5% of the check value and spends $1,000 per year to cash his paychecks.
  • Ben uses a Lanco FCU Second Chance account to cash his paychecks. He pays $10 a month to maintain his account, costing just $120 per year. After two years of maintaining his Second Chance account, he earned a regular account with no monthly fee.

After three years, Andrew paid $3,000 in check-cashing fees. Ben paid only $240 in Second Chance account fees, saving $2,760 more than Andrew.

Savings Ahead Roadsign

Lanco FCU membership offers additional benefits:


As a Lanco FCU member, you’ll have access to free and low-cost convenience services including direct deposit, debit/ATM cards, telephone banking, online and mobile banking, coin counters, wire transfers, and more.


Protect your money from loss or theft by keeping excess cash safely in your account. Funds deposited into a Lanco FCU account are federally insured up to $250,000 by NCUA.

How is a Second Chance account different than a regular account?

Compared to regular accounts, Second Chance accounts have only two differences:

  1. There is a $10.00 monthly fee — The Second Chance account fee is deducted from your share savings account on the last calendar day of each month. You can eliminate this monthly fee by converting to a regular account.
  2. Overdraft Privilege is not available — Overdraft protection for a Second Chance account is limited to overdraft transfers from available funds in the share savings account. Debit card and ATM transactions may not be covered by overdraft transfers. Overdraft Privilege may be available when you convert to a regular account.

Lanco FCU reserves the right to close any account in the case of excessive overdrafts or account abuse.

Eliminate the monthly fee and restrictions of a Second Chance account.

When any of the following events occur, your account will be converted to a regular account:

  1. Provide proof that you have paid off any items reported as unpaid by ChexSystems
  2. Provide proof of completion for TWO of the following free courses provided by Tabor Community Services (View class schedules and register) or CareerLink:
    1. Basic Banking (101)
    2. Saving Your Money (102)
    3. Budgeting (103)
  3. Maintain your Second Chance account in good standing for 24 months without having any new unpaid items reported to ChexSystems.