As it becomes increasingly difficult for consumers with a Chexsystems record to open a regular checking account, a no Chexsystems savings account can be a good alternative.
Although there are alternative financial services for consumers without bank accounts such as check cashing stores, money orders or prepaid cards, these options are estimated to cost the unbanked up to $1,200 yearly according to the Federal Reserve Bank of St. Louis.
More importantly a check cashing store or prepaid card account does not afford consumers the opportunity to build wealth. It is very difficult to save money and build wealth or simply have a safety net for emergencies if you have nowhere to store your money.
Most savings accounts yield rates are not spectacular but they are better than just storing or loading money on a prepaid debit card without yielding any interest. Online savings accounts typically have higher-yield interest rates due to the little overhead of having few; if any, local branches.
Below are Online No-ChexSystems Savings Account
USAA Savings Account. USAA is a privately held financial institution that serves U.S. military members and their families. You may be eligible for a USAA Savings Account that does not use ChexSystems if you are active or retired military or an honorably discharged veteran. Non-military can join if a spouse has honorably served or if a parent or spouse currently has or had a USAA account. The minimum opening deposit is $25. See if you are eligible.
Scottrade Bank. Scottrade Bank is an online banking institution that does not use ChexSystems plus they have over 500 branches. Funds deposited through Scottrade Bank are protected by the FDIC. Because Scottrade is a brokerage firm you must open an individual or joint brokerage account first. Once opened you will be eligible to apply for a Scottrade Bank Savings or Money Market Account. The minimum opening deposit is $100 but you have 60 days to fund the account. A money order can be mailed or taken to a branch office. Get started saving today.
Capital One 360 Savings Account. Unfortunately the Capital One 360 Savings Account is now using ChexSystems. Capital One says they do not rely solely upon your ChexSystems record to make a decision but if fraud is indicated, you will be denied. There are no maintenance fees and no minimum balance requirements. All of your money works to earn interest on your account. Deposits are FDIC–insured up to $250,000. Access your account instantly from your smart phone or online and Join over 7.5 million Savers. Apply today.