5 Best Banks That Don’t Use ChexSystems

Have you lately been turned down for a checking account? Did your bank contact you to inform you that your account had been closed? If any of these incidents happened to you, they might’ve told you it was because of a ChexSystems report. Numerous banks and credit unions use Chexsystem, and you may be on their blacklist if you’ve made financial blunders like bounced checks, excessive returned check (NSF) costs, or too many transfers or withdrawals.

On the other hand, some banks disregard a negative credit report and give consumers a second opportunity to keep a checking account. They’re sometimes called ChexSystems-free banks.

Like you, thousands of people have used CheckingExpert to create No ChexSystems Bank Accounts. The top banks were based on acceptance rates, checking account features and advantages, and the lowest-fee accounts. You can get started right away!

The following is a hand-picked list of the Best Banks that don’t use ChexSystems, along with a summary of their most important features and website URLs.

1. Chime

Chime is our top pick for a second chance bank account since it is a fast-growing internet-only banking organization. Best of all, Chime approves nearly every customer that applies. Even if your credit is low or weak, or if ChexSystems or the credit agencies have banned you.

Mobile deposits, direct deposits, online bill paying, NO monthly or yearly fees, NO overdraft fees1, and NO CheckSystems are just a few of the benefits. It’s quite simple to open an account. It only takes 2 minutes, and there isn’t even a need to make an initial investment.

Key Features:

• There are no monthly service fees or overdraft fees.
  
• Chime allows you to access cash at over 38,000 fee-free ATMs worldwide.
  
• A free debit card is available on their website.
  
• It enables you to send and receive money, deposit checks, and pay bills.
  
• It offers an optional automated savings account with a 0.50 percent annual percentage yield (APY).
  
• Balances are updated daily on the mobile app and the company’s website.

2. Acorns

Acorns is gaining a reputation as a long-term investment firm, but we appreciate that they also provide checking and savings accounts. Acorns do approve accounts using ChexSystems or a credit report! Acorns Spend is another of our top second-chance checking accounts.

This banking firm assists you in saving, investing, and earning interest on your savings. This bank also offers an FDIC-insured online checking account with a limit of $250,000 and fraud protection. Acorns provide exceptional features as a firm created to compete against the major banks.

Key Features:

• It offers digital direct deposit and mobile check deposit options.
  
• To start an Acorns Spend account, you do not need to fund it online.
  
• The Acorns Spend debit card regularly rounds up your expenses and saves the change for you.
  
• This company’s website offers automatic bill payment.
  
• It provides fee-free ATM withdrawals.
  
• Transfers from one bank to another are free.

3. SoFi

SoFi is an online cash management account that can help you avoid flagging ChexSystems. On balances of $500 or more, consumers can earn 0.25 percent APY. You’ll also get access to SoFi member advantages such as career counseling and financial advice.

SoFi is a personal financial firm rather than a bank. It functions similarly to a bank, offering many of the same goods and services as a traditional bank. SoFi Money is an interest-bearing checking account with an APY of 0.25 percent if you fulfill the monthly deposit threshold of $500, unlike other accounts that don’t use ChexSystems.

When comparing SoFi accounts to other accounts, the interest rate isn’t the only difference. Deposits are insured up to $1.5 million, which is $1.25 million higher than comparable accounts because SoFi collaborates with many institutions. When you use SoFi Money to make eligible purchases, you can receive up to 15% cashback.

Key Features:

• There are no hidden bank fees.
  
• It offers high-yielding loans without requiring a credit check.
  
• You may put your debit card on hold while you’re out and about.
  
• It reimburses ATM costs indefinitely.
  
• It provides monetary incentives.
  
• P2P payments are simple and come at no extra cost.
  
• Deposits up to $1.5 million are FDIC-insured through the SoFi Money sweep program with partner banks.

4. Navy Federal

When it comes to a new account, Navy Federal is one of the credit unions that does not employ ChexSystems. Armed Forces, Coast Guards, and National Guards are eligible for special memberships at this bank. This institution also provides flagship checking.

Navy Federal Credit Union offers traditional checking to all members in the United States, regardless of their banking history. NFCU is a fantastic alternative for active duty or retired US military, family members, and government contractors since it does not need a check of your financial history. Active Duty Checking and Free E-checking are the two banking options available.

Key Features:

• Every day checking is free.
  
• Dividends are paid out regularly, and you may keep track of them on the website.
  
• There is no credit check for active-duty personnel.
  
• Free mobile deposits are available.

5. US Bank

US Bancorp has a subsidiary called US Bank — a Minneapolis-based bank holding corporation. It has approximately 3,100 branches and nearly 5,000 ATMs throughout the West and Midwest, focusing its efforts.

The bank provides various services to the consumer sector, such as; insurance, investment banking, wealth management, and various other services.

The bank’s website, which employs 128-bit encryption to make conversations private, allows you to establish accounts online. You may also schedule an appointment with them at their location. However, it’s a good idea to phone ahead to be sure they’ll be accepting clients at this time.

In the United States, US Bank is a reliable banking service. This bank allows you to create an online checking account without going through the ChexSystems process or making a minimum deposit. Likewise, monthly fees are waived for account holders aged 65 or above.

Key Features:

• It aids in the restoration of credit ratings.
  
• It has a smartphone application that allows you to send, receive, and request money.
  
• It provides an online savings account with a very reliable and secure service.
  
• The standard checking account is simple to use.
  
• It’s simple to obtain a loan accepted with no credit check.

Banks that do not employ ChexSystems may use consumer reporting agencies to verify new checking accounts. PNC, for example, does not use ChexSystems; instead, it relies on Early Warning Services to validate an applicant’s account.

Because these banks are FDIC-insured, you may avoid the costs associated with regular accounts by using banks that do not use ChexSystems. Furthermore, your money is safe against fraud in the same way it is stored in a standard account. The disadvantage of this type of banking is that it is harder to find. Even though we have selected the finest banks below, 90% of other banks still use ChexSystems.

Most banks use ChexSystems for all account applications, and some banks regularly run ChexSystems on their clients as part of their risk management plan. This behavior is particularly prevalent among account holders seeking or already having a credit account.

While this guideline might be unjust at times, most banks follow them. Nonetheless, these same banks provide specialist accounts for weak credit that do not require ChexSystems checks.

Banks can use these accounts to provide customers who do not meet the requirements for a normal account the option to create a new account with them. Accounts that don’t use ChexSystems include advantages and features comparable to those of a standard checking account.