Business checking accounts that don’t use ChexSystems can be a tremendous help to small business owners with past banking blunders.
ChexSystems is a nationwide consumer reporting agency that maintains a database of consumer checking account activity like the number of checking account applications you submit, checking account openings and closures, and check writing history.
If you’re applying for a personal bank account you may get around ChexSystems by opening an account at a bank that does not use ChexSystems.
But when you need to open a business checking account online with no ChexSystems, there are fewer banking options.
Separating your personal and business finances is one of the first necessary actions you should take when starting a business.
In this guide, we’ll break down some of the top online business checking accounts with no credit check and no ChexSystems—plus, we’ll explain what documentation may be required to open one of these accounts.
Business checking accounts that don’t use ChexSystems
If you’re looking for a traditional business banking relationship with your local banker, these banks are not them. They are online business banks that operate entirely in the digital banking sphere.
Although in-person banking is not an option with most digital banks, the fees and costs saved by not operating a physical bank are typically passed on to customers.
1. Azlo Business Checking Account
Azlo is an online business bank good for small businesses, online entrepreneurs, and freelancers. Azlo is available in all 50 states and can do virtually everything needed without fees but Azlo doesn’t offer checkbook services. The business checking account does allow clients to send in paper checks for payment or use a bank transfer or a wire transfer.
Azlo was founded in 2017 and is part of BBVA USA, Member FDIC. Azlo lets business owners open a free business checking account online with no deposit required.
Azlo Business Checking Account Features
- No minimum balance requirements.
- Free ATM cash withdrawals.
- Free unlimited transactions.
- No overdraft fees.
- Free direct payments.
- Free tools to grow your business.
- Connect your checking account to popular accounting software such as QuickBooks Online, Xero, and Wave.
- Accept credit card payments through Stripe, Square, or PayPal.
- Azlo accounts are FDIC-insured through their partner bank (BBVA USA, Member FDIC).
Documents needed to apply for the Azlo Business Checking Account
DBA, LLC, Corporation or Partnership. Depending on your business structure, you’ll need to provide a copy of incorporation, partnership, or DBA documents and EIN (employer ID number) if you obtained an EIN for your business.
Sole Proprietors. Basic information that you’d need to open a personal bank account.
State Identification. You may be asked for documents (such as a photo of your ID) for identity verification.
2. Novo Business Checking Account
Novo makes it easier for small business owners to open checking accounts, the application process takes 10 minutes or less. Novo is a fintech company that offers business checking accounts through its banking partner, FDIC-Insured Middlesex Federal Savings.
Small business owners can quickly open accounts to start using their banking data for bookkeeping and reporting. Novo is an online-only business checking account that does not use ChexSystems.
Novo Business Checking Account Features
- $50 minimum opening deposit.
- Unlimited Free ATM cash withdrawals.
- Free ACH transfers, mailed checks, and incoming wires.
- No monthly fees or minimum balance requirements.
- Human-powered customer service.
- Withdraw money anywhere and get refunded on any ATM fees.
- Integrates with other small business tools like QuickBooks, Stripe, Xero, Zapier, TransferWise, and Slack.
- Accept credit card payments through Stripe, Square, or PayPal.
- Novo accounts are FDIC-insured through their partner bank (Middlesex Federal Savings).
Documents needed to apply for the Novo Business Checking Account
DBA, LLC, Corporation or Partnership. Depending on your business structure, you’ll need to provide a copy of incorporation, partnership, or DBA documents and EIN (employer ID number) if you obtained an EIN for your business.
Sole Proprietors. Basic information that you’d need to open a personal bank account.
Basic Information. Applicants are required to have a social security number (SSN), State-issued identification, a US address, and a US cell phone number (not a virtual number).You may be asked for documents (such as a photo of your ID) for identity verification.
3. Bluevine Business Checking Account
Bluevine has provided financing products such as a Line of Credit, Term Loan, and Invoice Factoring for over 10 years. In furthering its mission to empower small businesses, Bluevine now offers business checking accounts to its innovative product line-up. Plus, they are one of the few business checking accounts that earn 0.50% APY on accounts balances over $1,000.
Bluevine Business Checking Account Features
- $0 minimum opening deposit.
- No monthly service fees or NSF fees.
- No minimum deposit or balance requirements.
- 0.50% APY interest rates for accounts over $1,000.
- No ATM fees at 38,000+ MoneyPass® locations nationally.
- Deposit cash at over 90,000 locations via a partnership with Green Dot.
- Two free checkbooks.
- Integrates with other small business tools.
- Pay vendors and bills by ACH, wire, or check.
- Bluevine accounts are FDIC-insured through their partner bank (Bankcorp Bank).
Documents needed to apply for the Bluevine Business Checking Account
DBA, LLC, Corporation or Partnership. Depending on your business structure, you’ll need to provide a copy of incorporation, partnership, or DBA documents and EIN (employer ID number) if you obtained an EIN for your business.
Sole Proprietors. Basic information that you’d need to open a personal bank account.
Basic Information. Applicants are required to have a social security number (SSN), State-issued identification, a US address, and a US cell phone number (not a virtual number).You may be asked for documents (such as a photo of your ID) for identity verification.
4. Radius Bank Tailored Checking
Radius Bank offers the Tailored Business Checking Account. This account is one of the best free online business checking accounts with no monthly fees, no minimum balance requirements, and no transaction limitations.
Radius Bank Tailored Checking Account Features
- $100 minimum opening deposit.
- No monthly maintenance fee for accounts with balances of $5,000 & up.
- 0.10% APY on balances of $5,000 & up.
- Receive 1.00% cashback on online and signature-based “credit” transactions made with a Radius debit card.
- Unlimited ATM fee rebates.
- 24/7 Online & Mobile Banking.
- You won’t pay a dime or incur a penalty for going over a certain amount of monthly transactions.
Documents needed to apply for the Bluevine Business Checking Account
DBA, LLC, Corporation or Partnership. Depending on your business structure, you’ll need to provide a copy of incorporation, partnership, or DBA documents and EIN (employer ID number) if you obtained an EIN for your business.
Sole Proprietors. Basic information that you’d need to open a personal bank account.
Basic Information. Applicants are required to have a social security number (SSN), State-issued identification, a US address, and a US cell phone number (not a virtual number).You may be asked for documents (such as a photo of your ID) for identity verification.
Documents that may be required for a no ChexSystems business account
Banks will have their own policies so you’ll have to evaluate on a case-by-case basis. But most banks are required to verify your business as well as the persons associated with the business by obtaining certain documents.
Depending on how you structure your business entity, a bank may run a ChexSystems report to see how you’ve managed past checking and savings accounts. For instance, a sole proprietor will likely be required to provide an SSN (Social Security Number) that can be used to run a ChexSystems report. However, LLCs and Corporations that have an EIN (Employer Identification Number) may not have a ChexSystems report pulled.
Based on your business type, you may need one or more of the following documents issued by a Government agency:
Sole Proprietor.
If the business name does not include the legal first and last name of the owner, you will need additional documentation. For example: If the owner’s legal name is Lisa Phillips, and the business name is Phillips Furniture, you will need additional documentation. However, if the business name is Lisa Phillips Furniture you will not. The additional documentation needed would be one of the following documents:
- Fictitious Name Certificate or DBA (doing business as)
- Certificate of Assumed Name
- Business License
- Registration of Trade Name
Limited Liability Company (LLCs)
You will need one of the following business documents:
- Articles of Organization
- Certificate of Organization
- Certificate of Formation
Corporation
You will need one of the following business documents:
- Articles of Incorporation
- Certificate of Good Standing
General Partnership
You will need one of the following business documents:
- Partnership Agreement
- Fictitious Name Certificate or Statement
- Certificate of Assumed Name
- Business License
Basic Information on the business owner for all types of business structure
- Personal address
- Mobile phone number
- Email address
- Date of birth
- Social security number
Final thoughts on a Business Checking Account Online With No ChexSystems
ChexSystems is primarily used to report on consumer banking transactions. But just like a personal guarantee may be required to open a business credit card, your personal banking history can impact your business checking account. Having negative items on ChexSystems is similar to the albatross of bad credit. It attaches itself and screams to banks “Risky – Do Not Approve!”
Banks use your personal checking account management habits as an indicator of how you might manage a business checking account.
Here are some management tips to help keep your business checking account in good standing:
- Deposit business income.
- Use the business account just for business expenses.
- Track business expenses; this includes payroll, contractor payments, and investments in furniture or equipment.
- Use tools and alerts to keep track of account transactions.
Never use a business bank account for personal use. It’s a bad practice that can lead to legal, operational, and tax problems.
Good business account management can help rebuild your banking history. Good management of a business banking account can lead a bank to consider you for financial products down the road like interest-bearing checking accounts, business lines of credit, small business loans, and business credit cards.
