Why Choose an Online Bank.
First – these banks DO NOT use ChexSystems! Plus, 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 checking or savings account that does not use ChexSystems.
Anyone can get this account. The Discover Bank Online Savings Account does not use ChexSystems or EWS. Benefits of the Discover Online Savings Account are outstanding including earning 0.95% APY. This is a great yield rate compared to bigger banks like Chase and Bank of America that currently offer 0.01% APY. An initial deposit of $500 is required but you do not have to maintain the deposit. You can open the account but fund it up to 30 days later by mailing a money order, personal, cashier’s, payroll or government check. Discover Bank also offers a checking account but you must have a Discover Savings in order to apply.
BBVA Compass uses EWS. They do not run ChexSystems. If you are not eligible for the ClearChoice Free Checking account you will be offered the Second Chance account called Easy Checking Account but it comes with a $13.95 monthly fee and is only available in AL, AZ, CA, CO, FL, NM, TX. Easy Checking is the account offered when you need to get your finances on track. DO NOT apply for this account if you have an EWS record, it may be closed a few weeks later. The Easy Checking Account comes with free online and mobile banking, bill pay and a Visa debit card. There is a $25 minimum deposit required to open the 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. USAA is a great bank to grow with. They offer many financial products including credit cards for rebuilding your credit, auto loans and even renter’s insurance.
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.