Alaska second chance banks can help address the unbanked problem in the state.
According to a 2019 study by the FDIC one group likely to be unbanked and underbanked compared to the population as a whole are American Indian/Alaskan households.
The study showed American Indian or Alaska Native communities had the highest rates of unbanked households, at 16.3%. It's estimated the unbanked can pay from 1-10% of salary for check cashing services – not to mention how prepaid debit card fees add up.
There's no reason to keep losing money to conduct daily financial transactions.
Alaska second chance banks
Chime calls its checking account a spending account. Basically it's a digital checking account that operates entirely online. Customers with direct deposit can get paid up to 2 days early².
Chime also offers a savings account that puts your savings goals on automatic. Anytime you make a purchase, Chime will round up your purchase to the nearest dollar and deposit the extra into your savings account. Chime savings account currently earns 0.50% APY.
Chime does not use ChexSystems or EWS.
Online Checking Features
- No minimum deposit required to open account
- Chime will spot you up to $100* on debit card purchases with no overdraft fees. Eligibility requirements and limits apply.
- Get paid up to two days early with direct deposit ²
- Access to over 38,000 ATMs fee-free
- Mobile deposits and payments
- Check writing
- No hidden fees
- FDIC-insured up to $250,000
A ChexSystems report will be pulled but as long as the item is paid and does not indicate fraud, you will be able to open a checking account. If you only want a savings account a ChexSystems report will not be pulled. They also offer other financial products such as loans and credit cards.
Matanuska Valley Credit Union does use ChexSystems but will open an account under certain circumstances: (1) Fraud must not be reported and the reporting bank must be paid.
Mt. Mckinley Bank allows customers who have a ChexSystems report to open a savings account only. No debit card will be issued.
A ChexSystems report will be pulled but if the report indicates the item is paid and is not fraud, you will be able to open a savings account. A supervisor may approve you for the checking account once your ChexSystems report is approved.
True North Federal Credit Union in Alaska offers a True Options Checking account even though a credit report and ChexSystems report will be pulled. The monthly fee is $10 and there is no minimum balance required.
How ChexSystems records can be disputed
A negative ChexSystems record can remain for 5 years unless you successfully dispute ChexSystems to get it deleted. Consumers with EWS records have to wait 7 years for removal unless an EWS dispute is successful.
Typically you can request a free copy of your ChexSystems report once every 12 months or when you're denied opening a bank account.
You can view your ChexSystems report online by completing a request.
If you believe that a negative item was reported in error, contact ChexSystems to initiate the dispute process. Under the Fair Credit Reporting Act, ChexSystems has a duty to investigate disputes and correct or remove inaccurate information, usually within 30 days.
You can improve both your ChexSystems and EWS reports over time by avoiding any problems with your bank account.
Whether you choose a bank or credit union, Alaska residents have several choices for non-ChexSystems banks in Alaska. Take the time to build a solid banking relationship that will help you grow your money while maintaining a safe place to conduct daily expense transactions.