Business Checking Accounts That Don't Use ChexSystems

Business banks that don't use ChexSystems can help small business owners with ChexSystems records open a business checking account.

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Business checking accounts that don't use ChexSystems can be a tremendous help to small business owners with past banking blunders.

In this guide, we’ll break down some of the top online no credit check business bank accounts that don't use ChexSystems. Plus, we’ll go over what documentation may be required to open business bank accounts.

5 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 checking accounts that operate entirely in the digital banking sphere.

Novo offers business banking that's designed to integrate with common business tools and apps.  New customers get immediate access to their funds with the Novo Virtual Card.

Features we like most

  • Digital tools: Streamlined financial processes that connect to thousands of business apps
  • Minimum deposit: $0
  • Free account: $0 monthly fees and unlimited refunds for ATM charges
  • Customer service: Human-powered customer service
  • Perks: Thousands of dollars in exclusive perks
  • More Novo Features: Free transfers, mailed checks, and incoming wires
Apply Today

Apply at Albert's Secure Site

NorthOne is a financial technology company, not a bank. Banking services provided by The Bancorp Bank; Member FDIC. The $10 monthly fee is less expensive than most business checking account fees.

Features we like most

  • Add or withdraw cash at locations across the country
  • Connect to other business tools like QuickBooks, Square, and more
  • Get human support on your schedule
  • Mastercard® NorthOne Small Business Debit Cards for every owner
  • Budget and plan for expenses with NorthOne Envelopes
  • Get a $20 credit when you open and fund a new NorthOne Account.
Apply Today

Apply at Albert's Secure Site

Found is a financial technology company that offers business banking services for self-employed people. The company is headquartered in San Francisco, California. 

Found Business Checking

  • No monthly fees.
  • Free online bill pay, account transfers, and check deposits.
  • Expense tracking tools that help you save money and avoid overspending.
  • Tax planning tools to help you save money on your taxes and avoid penalties.
  • FDIC insured up to $250K.

LiveOak Bank is an online-only digital bank that provides small business savings for freelancers, solo-preneurs, gig workers, and micro-businesses.

Live Oak Bank Business Savings

  • $100 required to open account
  • Industry-leading 4.00% APY
  • No monthly maintenance fees
  • No minimum balance requirements
  • Online and mobile banking
  • Integrates with Quickbooks
  • Access up to $10 million in FDIC insurance with Insured Cash Sweep

Axos Bank offers business owners many useful tools and services like cash deposit capability, unlimited transaction limits, 24/7 customer support, free nationwide ATM access and unlimited domestic ATM fee reimbursements.

Axos Bank Business Checking

  • Only $50 opening deposit.
  • New business owners get a $200 welcome bonus! (Use Code NEWBIZ200 on your application).
  • Zero minimum monthly balance requirements.
  • Unlimited domestic ATM fee reimbursements.
  • No monthly fees or minimum balance requirements.

Types of Documents that may be required to open a business checking 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

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.

Separating your personal and business finances is one of the first necessary actions you should take when starting a business.

A business checking account makes it easier to qualify for business financing like a merchant cash advance, business loan, microloan, and business credit.

Why business owners need a business checking account

It's essential for business owners to have a separate business checking account from their personal checking account for several reasons:

Legal Protection. One of the primary reasons to have a separate business checking account is to establish a clear line between personal and business finances.

This separation is crucial because it provides legal protection for business owners if their business is sued or audited. It also simplifies accounting and record-keeping, making it easier to track business expenses and profits.

Professionalism. Maintaining a separate business checking account adds a layer of professionalism to a business. It creates an image of a legitimate business and shows that the owner is serious about their business.

Tax Reporting. Separating business and personal finances makes tax reporting much more manageable. Having a separate account makes it easier to identify and track deductible business expenses, which can help business owners save money on taxes.

Financial Organization. A separate business checking account can help business owners keep their finances organized. It allows them to track their business expenses, income, and profits separately from their personal finances.

This separation makes it easier to understand the financial health of the business and make informed decisions based on financial data.

Having a separate business checking account is a smart and necessary decision for any business owner who wants to protect their assets, maintain a professional image, and keep their finances organized.

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. Never use a business bank account for personal use.
  • Track business expenses; this includes payroll, contractor payments, and investments in furniture or equipment.
  • Use tools and alerts to keep track of account transactions.

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