Second Chance and No Chexsystems Banks
By Lisa Phillips on May 7th, 2012 in Chexsystems, Featured Content
Open a bank account at a No Chexsystems Bank; you can get approved even if you have a Chexsystems record. Chexsystems is a consumer reporting agency which means inaccurate information can be disputed.
The dispute process may take some time and living without a bank account is not only inconvenient but also costly. Check cashing fees add up over time and not having a place to grow your money prohibits wealth building.
No Chexsystems banks do not use Chexsystems to open bank accounts; however they may run a credit report. A No Chexsystems bank may also have a second chance bank account allowing consumers with current or past Chexsystems records to open accounts.
No Chexsystems Banks
Electric Orange℠ Checking Account
The Electric Orange℠ checking account from ING DIRECT is not only an above average checking account because it is an Interest Earning Account but for other reasons such as: (1) No ChexSystems; (2) No Overdraft fees; (3) No ATM Surcharge; (4) No Monthly Fee; and (5) Earn a $50 bonus when you open an account.
ING DIRECT will pull your credit because they offer an overdraft line of credit; however your credit does not have to be good. The “overdraft line of credit” permits customers to write checks or use a debit card for more than their balance and pay back the overage with interest over a period of time. Open the Electric Orange℠ checking account and earn a $50 bonus.
Orange Savings Account℠
The High Yield Savings with the Orange Savings Account℠ from ING DIRECT has no hidden fees or service charges and no minimum deposit. ING DIRECT does not use Chexsystems. You can open the Orange Savings Account℠ instantly online.
Banks will sometimes do ChexSystems sweeps on existing customers and close accounts without warning even if your account is in good standing. Never have all your money in one bank. Because the ING High Yield Savings Account and Electric Orange℠ Checking Account do not use ChexSystems, both can be excellent back-up accounts if you have an existing checking account but are still in ChexSystems.
UPside Prepaid Visa
Get a second-chance bank account in the form of the UPside Prepaid Visa. It works like a checking account allowing you to write personal checks for any purpose. In order to write a check all you have to do is log into your account and select the “Write a Check” button and fill out the payee name, address and amount. The check will be debited from your account and sent automatically on your behalf. You even have the ability to stop payment on a check, just like a traditional account. It is the only prepaid account with a checkbook!
USAA
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 or over the telephone in about 15 minutes. The minimum opening balance is $25 for a checking account and $50 for a savings account.
Suntrust Bank
Suntrust Bank offers several types of checking accounts, all of which include online banking, mobile banking, overdraft services, direct deposit, online bill pay and a SunTrust MasterCard® Check Card. While Suntrust maintains they do not use ChexSystems, some consumers have reported otherwise. It may be best to apply over the telephone or through their online chat service; and, complete the process in full through the mail.
Fort Sill National Bank
Fort Sill National Bank (FSNB) is open to anyone; you do not have to be in the military. FSNB does not use ChexSystems. If you are interested in direct deposit, this may be a good account for you because FSNB may not be located in your state. In order to open an account from any location call their new accounts department at (800) 749-4583 and an application will be mailed to you.
Everbank
Everbank is another great bank that does not use Chexsystems. Your credit history will be pulled for identification purposes. Each credit situation is evaluated on an individual basis; therefore, if you have bad credit you can still apply online and you may get approved.
Even though the minimum opening balance is $1,500, you are not required to maintain the minimum balance once your account is open. Other features are direct deposit, ATM reimbursements, online & mobile banking, mobile check deposits, overdraft protection and optional online bill pay. Everbank has one of the highest yield interest earning checking accounts in the industry.
IncredibleBank
This bank is an internet only bank and a division of River Valley Bank. IncredibleBank offers a a high yield checking account and a high yield CD that can be opened online. They is a no Chexsystems bank but they will run a credit report and require a minimum credit score of 640.
TCFBank
This bank is not available in all states. TCFBank has 436 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota. This bank offers several checking accounts to choose from and business checking. They will open an account for consumers in Chexsystems but you must not owe any money to TCFBank.
Second Chance Checking
US Bank
Try the in-store branches and take proper identification along with a utility bill showing your address. Consumers using in-store branches have experienced success in opening checking accounts while in Chexsystems.
Woodforest Bank
This bank is not available in all states; however, they do have an account called “Second Chance Checking. It comes with unlimited check writing and a debit mastercard. You must go inside a branch in order to open this second chance checking account.
BBVA Compass
Offers a second chance checking account where you get a visa debit card, unlimited check writing and no minimum balance required. The monthly service charge is $13.95 and the minimum opening deposit is $25.
Wells Fargo – Opportunity Checking
This is a traditional checking account with a visa debit card and checks; however, it comes with some restrictions. This account will definitely help you stay within your budget. Deposits cannot be made through the ATM and you may not be able to get cash back immediately upon depositing a check. Once you remain in good standing for some time, Wells Fargo may offer you an upgrade to a regular checking account, with less restrictions.
Chase
Chase offers an account called Access Checking. It comes with several limitations but you may be able to convert to a regular checking account after 6 months in good standing. You will receive a debit card with this account. You must go into the branch to open the account and they do pull your credit report for verification.
PeoplesCashSolutions
Peoples Cash Solutions offers a Second Chance Checking Account for consumers who have been reported to ChexSystems or TeleCheck. There must be no fraud activity reported in ChexSystems. Bad credit and even bankruptcy are okay.
Fund an Account or Verify Small Deposits
If you are opening an account online but do not have a way to fund it instantly with another account, debit or credit card, most online accounts can be funded with a prepaid debit card.
Some online accounts even verify your identity by making a small deposit into a checking, savings, credit or debit card account and then have you verify the deposit amount. A prepaid debit card such as the Upside Visa Prepaid card will meet the requirements if you need to fund an online account immediately or verify your identity by allowing the online bank to make a small deposit.
Safe Check Ordering
Consumers who have been reported to ChexSystems, whether the item is paid or unpaid, should be careful when ordering checks. Ordering checks from well known companies such as Deluxe, Designer Checks, Checks Unlimited and Current Checks may not be safe. These companies share your personal information with ChexSystems. ChexSystems will then report your ChexSystems record to your current bank.
Order checks from companies that do not share your personal information with ChexSystems such as Costco Check Printing, Checkworks or Harland Clarke. Ordering checks from companies that share your information with Chexsystems may end up getting your current bank account closed, even if your checking account is in good standing.
10 Responses to “Second Chance and No Chexsystems Banks”
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Thanks for the second chance bank list I was able to open checking and savings account
It’s been so long since I had an account I’m not sure I even want one now, except for paying a check cashing place to cash my payroll checks. The prepaid card has worked but there are more fees involved then I would like.
Chexsystems is so unfair because they will try to put you in there for 5 years for little amounts. I had a small accont go to chexsystems for less than 30 lousy bucks and it stayed their the entire 5 years. I hate them!
Some banks I tried to get accounts at ran a credit check so it seems you are basically screwed if your credit is questionable, unless you get a savings account only.
Many banks are now using Chexsystems & credit reports to deny even savings accounts. I am unable to get any sort of “real” bank account – savings or checking – until I pay off banks that have never sent me anything stating I owe them! Chexsystems won’t remove them either.
Woodforest Bank also offers Second Chance checking. 25.00 min open deposit…with 9.95 a month svc fee without direct deposit..and 7.95 with direct deposit.
Yes! That’s why it is already on the above list but thanks for the comment.
I went to US bank and got a regular checking and savings account. Thank you
Congratulations, that’s good to hear!
Hi I have a question Ive had an account with Wells Fargo about two years ago. Is it possible that I can still open an opportunity checking account?