Why Choose an Online Bank.
Online banking is gaining in popularity. It is convenient, hassle-free and safe. Not having a bank account is costly. You need a place to deposit or cash checks, pay bills and save money. In addition, most banks offer financial products that prepaid debit accounts do not, like mortgage or auto loans, lines of credit, credit cards and investment products. Open an online free checking account that does not use ChexSystems today.
Scottrade is an online brokerage firm and they also operate a Bank. To open a Scottrade Bank account you must first open a Scottrade individual brokerage account. It takes about 10 minutes. Once the brokerage account is open you are eligible to apply for a Scottrade Bank account. Scottrade Bank does not use ChexSystems. Checking or Savings accounts can be opened with a $100 minimum deposit (a money order can be used for the deposit). You have 60 calendar days to deposit the initial $100 for the checking or savings account. Scottrade offers free checking, direct deposit, online bill pay, free checks and ATM fee reimbursement. Plus there are over 500 branches nationwide. Open A New Account Today.
TD Ameritrade Cash Management Account
TD Ameritrade is not a traditional bank account but a brokerage firm. If you are in ChexSystems or Early Warning Services you may want to consider this type of account. They do not run ChexSystems or EWS. Open the brokerage account first then choose the Cash Management Account option, and that’s it — You get an instant checking account! There is no minimum deposit required or monthly fees. If qualified you will get a TD Ameritrade Visa debit card with free nationwide ATM withdrawals. The account features unlimited check writing, direct deposit and online bill pay.
Open an account today!
USAA Free Checking Account
USAA does not use ChexSystems but membership is limited. Current and former military members (retired or veteran) which includes the Guard and Reserves are eligible. 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 balance is $25. Mobile device deposits along with check deposits at your local UPS Store is available. Customers are reimbursed monthly for ATM charges. USAA is a good bank to grow your money. They offer many financial products from credit cards for poor credit to renter’s insurance.
See if you are eligible.
360 Checking: Fee-Free
Capital One 360 used to be the go to bank that did not use ChexSystems. Unfortunately that policy has changed. As part of the application process Capital One will “soft pull” your Equifax credit report along with a ChexSystems report. Capital One 360 will not deny your application solely based on a negative ChexSystems report unless fraud is indicated. Some consumers have reported being offered a Capital One 360 Savings account when they do not qualify for a checking account. It’s still a good online bank with mobile deposits and there is no minimum deposit required to open a checking or savings.
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.