ChexSystems is a financial agency which has the job of verifying checks and credit reporting. Majority of the banks in The US use the ChexSystems when they want to make decisions on whether a new customer should be allowed to open an account with them.
Once a person does something to attract negative attention, then that person will appear on the ChexSystems listing. Usually, it can be because of a minor infringement like not remembering to pay a fee on time, or as big a thing as being involved in criminal activity such as fraud. No matter what the reason is, once you’re listed on ChexSystems, there is a big likelihood that banks will not allow you to open a checking account with them.
ChexSystems records are maintained for five years and not having a bank account for such a period is time wasting and costly. Even if you decide to wait it out, you still need a place to pay bills, deposit or cash checks and also save money.
There are some online checking account no checksystems options available.
The online checking accounts without ChexSystems are not so different from the in-branch checking accounts. You get almost everything that you can do with a bank branch checking account from the online checking account.
Some of the benefits include:
An online checking account allows consumers in ChexSystems to see full account details at any time because of the readily available online management tools. Customers will receive instant alerts and updates which will help them keep up with transactions and avoid mishaps that will easily make them get listed in ChexSystems.
There is no need for maintenance of a large network of branches and this allows the banks to pass their savings to customers. Other perks include ATM reimbursements.
Online banks’ savings and checking accounts come with higher interest rates and lesser fees than those at traditional banks.
Some banks that do not always need ChexSystems include:
Chime
Chime operates a free-spending account. There are no monthly fees, no minimum balance requirements, no overdraft fees, and it doesn’t concern itself with your ChexSystems information. The account is managed with simple daily balance updates, automated bill paying and instant transaction alerts. The bank also creates and mails checks at no extra cost to the customer. This account is open to US citizens 18 years and above.
Account Features
Zero monthly or overdraft fees.
Zero minimum balance requirements.
Daily balance updates.
Instant transaction alerts.
Visa debit card.
Peoples Bank
This account will come in handy for you if you have had issues opening a checking account because of issues with ChexSystems. It requires a $30 opening deposit.
Account Features
Zero minimum balance.
Zero transaction fees for deposits or checks.
FREE Online Banking, Bill Pay, and Mobile Banking.
ATM/MasterCard Debit Card eligibility.
Radius Bank
The Essential Checking Account was created so you can manage your money with online banking tools. Radius Bank is a bank based in Boston with one full-service branch. Anybody across the country can create an account and manage it online with mobile banking technology. However, it requires a $10 minimum opening deposit and a $9.00 monthly service fee.
Account Features
Zero minimum balance requirement.
A $9.00 Monthly Fee.
Radius Mobile app with mobile check deposit.
Direct deposit your paycheck or other income.
Free Bill Pay and eStatements.
Customized alerts.
Open the account with $10.00 or more.
Upgrade to Radius Checking after 12 months of positive banking history.
