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EmirMemedovski / Getty Images If you have had past financial mistakes come back to bite you and have been blacklisted by ChexSystems, you might also have been blocked from opening a bank account. You still have options, however, as not all banks utilize this consumer reporting agency. Some banks ignore a bad credit report and give customers a second chance at maintaining a checking account. Checking accounts for bad credit typically come with fees, but it’s the perfect way to get back in the game if you’ve had financial problems in the past. Banks with no credit checks do exist; you just need to know where to find the best second-chance banking accounts. Top Banks That Don’t Use ChexSystemsGOBankingRates identified a list of banks with no credit check to open an account. Learn more about banks that don’t use ChexSystems and how they work. 1. TD AmeritradeTD Ameritrade doesn’t use ChexSystems to screen applicants, although opening an account is subject to a soft credit pull. But because it’s a brokerage, you’ll need to open and fund a brokerage account before you can apply for a cash management account. Yes, you might be able to open an account online at TD Ameritrade with no minimum deposit and bad credit. Here are some of the perks of this account:
2. Axiom BankEveryone deserves a second chance. That’s why Axiom makes the list of banks that don’t check credit. The financial institution offers second-chance banking and might overlook your report to provide you with a checking account. Headquartered in central Florida, this community bank offers its Opportunity Checking account to those who have made previous financial mistakes. The account features the following:
3. Woodforest National BankWoodforest National Bank, a regional financial institution, offers its Second Chance Checking account to customers with a history of banking problems. Here are the details:
4. GTE FinancialWith GTE Financial, you apply for a Go Premium or Go Full Access checking account, and if you don’t get approved, the bank will contact you with information about its Go Further account with easy approval. The account includes bill pay, Zelle and Friends & Family transfers, unlimited check writing and access to 30,000 fee-free ATMs. Here are more details about the Go Further account:
5. Southwest Financial Federal Credit UnionThe Texas-based Southwest Financial Federal Credit Union offers the Checkless Checking account, which might be an option if you have had trouble qualifying for a bank account. The account includes the following:
6. Green DotGreen Dot is an option if you’re looking for an alternative to a checking account for bad credit. Green Dot’s reloadable, prepaid debit card does not use ChexSystems, and no credit check is required. Prepaid debit card details include:
7. Wells FargoWells Fargo offers its Clear Access Banking account to customers who want simplicity in their bank account and are looking for a second chance bank account. Clear Access Banking is geared towards individuals who have had issues opening other bank accounts because of a negative banking history or credit report. No checks are available with this account, but you can use the Wells Fargo mobile app, digital payments and contactless debit card. Other features include:
8. Capital OneIf you’re worried about what Capital One will uncover when it runs a ChexSystems report, you’ll be happy to know that the bank performs a soft pull on your credit instead and looks at other risk factors before approving you. Chances are, if you have a good credit score — or at least some history — you’ll be golden. Here’s what your account will come with:
9. PNCPNC offers the Foundation Checking account, which is offered to those who have had trouble qualifying for a traditional checking account in the past. To open an account, the bank encourages you to first apply for one of its Virtual Wallet accounts. If you don’t qualify, contact the bank directly or visit one of its branches to see if you might be eligible for the Foundation Checking account.
10. ChimeChime is an online-only option that offers services provided by The Bancorp Bank and Stride Bank. It provides customers with a solid mobile app and a linked debit card for withdrawals and purchases. The best part for customers worried about their credit is that Chime doesn’t run credit checks or ChexSystems reports.
11. Varo BankVaro Bank is a no-fee online bank willing to work with customers with bad credit. The bank doesn’t look at ChexSystems reports or run your credit report to determine if you’re creditworthy, which ensures you’re in the clear to open a checking account. Here are the details:
12. San Diego County Credit UnionAccording to SDCCU, you might not be excluded from opening an account even if you have a history of bounced checks or bad credit. You’ll need to live or work in San Diego, Riverside or Orange counties to qualify. Here’s more information about SDCCU’s Classic Checking account:
13. Credit Union OneBased in Michigan, Credit Union One allows you to open a no-credit-check bank account. The Basic Checking account is designed to help customers get back on their feet. Here’s what you need to know:
14. Navy Federal Credit UnionAccording to a representative for Navy Federal, the credit union hasn’t used ChexSystems to approve or deny checking accounts in years. Navy Federal is only available as an option if you can qualify for membership. Membership is open to veterans, active or retired military personnel, Department of Defense personnel and family members of those who qualify to join. You’ll have up to five checking account options to choose from, based on your balance or student status.
15. SoFiThe SoFi Checking and Savings cash management account is a good way to stay off the ChexSystems radar. You’ll even earn APY on balances if you have direct deposit. Although SoFi isn’t a bank, you can rest assured that your money will be FDIC insured when it arrives at SoFi’s partner banks. Here’s what you can expect from this online-only option:
16. US BankU.S. Bank’s Safe Debit account is a check-free account option. A bank representative said that it doesn’t use ChexSystems to approve or deny a Safe Debit account. You may not have as much functionality as you would with a standard checking account, but at least you’ll be able to pay bills and perform other cash-management tasks. Plus, you’ll be able to track your progress thanks to free credit score access for Safe Debit account holders.
17. Renasant BankRenasant Bank serves the South with about 200 locations in Alabama, Georgia, Mississippi, Tennessee and Florida. You won’t have to worry about past mistakes with Renasant — the bank doesn’t use ChexSystems before it approves your account. You’ll have three checking options and one student checking account to choose from.
18. Go2BankGo2Bank is Green Dot’s second generation of banking for individuals looking for bank accounts that avoid credit checks and ChexSystems. It was originally called GoBank, but changes were made to the mobile-only platform, requiring some reinvention. Go2Bank makes banking inexpensive and easy, offering a chance to anyone having trouble opening an account.
19. AcornsAcorns is a mobile brokerage primarily set up for investing. However, you could open an Acorns Checking account and avoid ChexSystems and credit pulls once your Acorns account has been verified. The Acorns Checking account is low in fees and can give you a great opportunity to turn over a new leaf by managing banking, investments and even retirement funding in one place.
What Is ChexSystems?ChexSystems is a reporting agency that collects data from banks and credit unions on consumers’ checking and savings account activity. The company uses this information to create tools — including consumer reports — that financial institutions can use to screen potential customers. The agency helps banks and credit unions screen potentially risky applicants by issuing reports that detail previous financial issues like overdrawn and closed accounts and unpaid debt. Once you’ve been flagged by ChexSystems, you might have a difficult time obtaining a bank account. Melanie Grafil, Lia Sestric, Gabrielle Olya and Daria Uhlig contributed to the reporting for this article. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 6, 2022. Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC. Editorial Note: This content is not provided by the financial institutions mentioned. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the financial institutions mentioned. Which bank is best for bad credit?Best Bank Accounts For People With Bad Credit. Chime Account. 5.0 /5.0 Stars. APPLY NOW » Your Chime Checking Account comes with a debit card, no monthly fees or maintenance fees. ... . Current. 4.8 /5.0 Stars. APPLY NOW » ... . GO2bank. 4.8 /5.0 Stars. APPLY NOW » ... . Flare Account. 4.7 /5.0 Stars. APPLY NOW » ... . Oxygen. 4.3 /5.0 Stars. APPLY NOW ». What bank does not do credit check?Chime offers a mobile bank account and debit card without any credit check. There are no hidden charges and bank fees. Using this service, you will also get your paychecks up to 2 days earlier with a direct deposit.
What is the easiest bank to get an account with?The 8 Easiest Banks To Join. Chime. Chime1 is probably the easiest to join. ... . TD Bank. To sign up with TD, users can go online and enter their basic information, including a driver's license number or state ID. ... . United Bank. United Bank has the same requirements as TD. ... . Synchrony. ... . Chase Bank. ... . Axos Bank. ... . Ally. ... . Wells Fargo.. Which banks give you money for opening an account UK 2022?Quick Links. Barclays Premier – “£200” Avios switch bonus.. Co-Op– £50 refer-a-friend switch offer.. First Direct – £175 switch bonus.. Lloyds – £150 switch bonus (ends 14 November 2022). Nationwide – £200 switch bonus.. Natwest – £175 switch bonus (Ends 3 November 2022). RBS – £175 switch bonus (ends 20 October 2022). |