Online banking is gaining in popularity. It is convenient, hassle-free and safe. But free checking accounts are becoming extinct and difficult to find. Opening a free checking account while in Chexsystems is even more difficult.
A Chexsystems report, paid or unpaid, can remain for up to 5 years. Consumers need a place to save money and build wealth, even if they have a Chexsystems record. Prepaid debit cards restrict you from saving money in addition to being costly.
Open an online free checking account that does not use ChexSystems and start saving money today.
A non-chexsystems online checking account can also give you access to additional bank products such as certificate of deposits, mutual funds or brokerage accounts not to mention credit cards and even equity lines of credit. Online bank accounts are the wave of the future.
Here are four online checking accounts that do not use ChexSystems; all of which are interest earning accounts:
1. TD Ameritrade
Consider a brokerage account. TD Ameritrade is not a traditional bank account but a brokerage firm. If you are in ChexSystems and Early Warning Services you may want to consider this type of account. They do not run ChexSystems or EWS report. TD Ameritrade offers a Cash Management account that comes with a TD Ameritrade Visa® debit card with free ATM withdrawals. Set-up direct deposit and online bill pay. Customers get reimbursed for any ATM charges nationwide. There are no fees associated with the Cash Management checking account, no minimum balance requirements and unlimited check writing with 100 free check re-orders.
TD Ameritrade offers customers online brokerage tools for independent trading and investing. Barron’s 2013 Online Broker Review rated them best online broker for Long-Term Investing and Novices offering IRAs, Mutual Funds and plenty of FREE educational tools to help you get started with investing.
The process is simple and should take 15 minutes or less. First open the brokerage account and once that is open you are given the option of opening a Cash Management Checking Account. There is no minimum deposit required and you do not have to immediately fund the accounts. You will be offered several funding options that can be completed at a later date. Open an account today.
2. Capital One 360 Checking Account
Earn a $50 bonus when you open a Capital One 360 Checking Account. Free ATMs and no overdraft fees. Capital One will pull your credit if you request the overdraft line of credit which allows customers to write checks or use a debit card for more than their account balance and pay back the overage in monthly payments. You do not have to have good credit to be considered for the overdraft line of credit.
Capital One 360 Checking Account features and benefits:
- Your FDIC-insured Deposits Earn Interest – Your everyday money shouldn’t cost you, it should help you save too
- P2P Payments – Send money securely to family and friends. It’s Fast and free.
- Free MasterCard® Debit Card for all purchases
- Free Online Bill Pay
- Free access at over 38,000 Allpoint® ATMs
- Free postage – we’ll mail your paper checks for you
- Checks – Can’t pay electronically? Order a checkbook
- Deposit Checks – Use our mobile app or your computer to deposit checks from anywhere with CheckMate℠
USAA serves the military but you do not have to be in the military to open an account. You will have to become a member prior to opening an account. Once you establish you are not in the military, a series of questions will be asked that will grant you membership.
You will be given a member number and with that number you can then open a checking account. The process can be completed online in about 15 minutes. The minimum opening balance is $25 for a checking account. The only issue with USAA is the initial deposit must come from an existing bank account or a Mastercard.
USAA Free Checking Account features and benefits:
- Qualified members can deposit checks from their smartphone or scanner with Deposit@Home® or Deposit@Mobile®
- Easy Deposit your checks through more than 2,000 select locations of The UPS Store® nationwide
- Free direct deposit
- Access your money instantly with Free ATMs nationwide
- USAA Web BillPay lets you pay, manage, and view all your bills in one place for free
- Mobile banking, USAA app for iPad®, and online access make it quick and easy to check your accounts
- Free unlimited funds transfers to and from any bank nationwide
Put your money to work with an Everbank account. First time account holders can get a 6-month bonus rate of 1.25% with the EverBank® Yield Pledge® Checking Account. The 1.25% APY rate is fixed for the first six months of new account holders. Everbank runs your credit and your credit score should be 660 or above.
The minimum opening balance for the EverBank® Yield Pledge® Checking Account is $1,500 but you do not have to maintain the $1,500 balance once your account is opened. You will earn the 1.25% interest no matter what your balance once your account is opened.
Everbank offers a satisfaction guarantee. If you are not 100% satisfied with the EverBank® Yield Pledge® Checking Account after 3-months, they will send you a check for $50 to show how much they appreciate you giving them a try.
EverBank® Yield Pledge® Checking Account features and benefits:
- Low $1,500 initial-deposit requirement
- No Minimum balance to Earn Interest
- No-fee Online and Mobile Banking
- Free Mobile Check Deposits
- EverBank will reimburse all US ATM fees when you keep an average $5,000 daily balance each month
- Overdraft Protection Available
- Optional Online Bill Pay Available
- Account covered by FDIC insurance up to $250,000
An online checking account may actually help consumers with a Chexsystems record as online management tools allow customers to see the full account details at any time. With instant alerts and updates it is easier to keep up with transactions and avoid mishaps that may land consumers in Chexsystems.