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.
Discover Online Savings Account
Even though Discover Bank uses ChexSystems people have been able to open the Discover Bank Savings Account. It requires an initial deposit of $500 but you do not have to maintain the deposit once the account is open. The best feature of the Discover Savings Account is that it earns .95% APY. This is a great yield rate compared to bigger banks like Chase and Bank of America that currently offer 0.01% APY. There are several great features with the Discover Savings Account like mobile check deposits and no monthly fee. Discover Bank has a checking account but you must have a Discover Savings account in order to apply. The Discover Cashback Rewards Checking earns account holders .10 cents cashback on transactions. Open a Discover Savings Account/strong>
TD Ameritrade Online Cash Services
TD Ameritrade is not a traditional bank account but a brokerage firm. They do not run ChexSystems or EWS. TD Ameritrade offers a checking account that comes with checks and a Visa® debit card. During the account opening process, you will be asked if you are interested in having checks and/or a debit card with your brokerage account. You’ll need about 15 minutes to open an account. Once the brokerage account is open go to My Account > Online Cash Services > Checks/Debit Card and then click the “Sign up now” button. There will be a one-page “Checks/Debit Card Application”. you’ll need to print, sign, and fax or mail it to TD Ameritrade. They must have your signature on-file to complete the checking application process. Be sure to check the box if you want to receive a Visa debit card with your checks. You can also set up online bill pay and direct deposit.
Open an account today!
USAA Free Checking Account
USAA does not use ChexSystems but they do use EWS. USAA is a great bank 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 and EWS 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. One more drawback is that Capital One 360 requires you to have an external checking account to link to for deposits. It’s still a good back-up online bank if you need another checking account. Customers enjoy mobile deposits and 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.