Return to the Home Page
Our editorial team is independent and objective. To help support our review work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the CreditMashup site. This site does not include all companies or products available within the market.

We also include links to advertisers’ offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content.

While we work hard to provide accurate and up to date information that we think you will find relevant, CreditMashup does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Here is a list of our partners who offer products that we have affiliate links for.

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.

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.

1. Novo Business Checking
Novo Bank offers a free business checking account that does not use ChexSystems. Novo is a mobile business banking platform where you can manage your small business transactions online. Novo Bank is completely digital, with no physical branch locations, and deposit account services are provided by Middlesex Federal Savings, Novo’s partner bank.

Novo Bank Business Account Features

  • No monthly fees
  • $25 minimum opening deposit
  • Simple, easy-to-use mobile apps
  • Apply in under 10 minutes
  • Human-powered customer service
  • Free transfers, mailed checks, and incoming wires
  • Integrates with other small business tools
  • Refunds all ATM fees
  • Thousands of dollars in exclusive perks
APPLY NOW
2. LiveOak Bank Business Checking
LiveOak Bank Live Oak Bank is an online-only digital bank that provides small business checking for freelancers, solopreneurs, gig workers, and microbusinesses. LiveOak offers no monthly fees, free business bill pay, and fee-free access to more than 55,000 Allpoint ATMs.

LiveOak Bank Business Checking Features

  • $0 required to open account
  • Designed with simplicity for newly-formed businesses, solopreneurs, gig-workers, freelancers, and side-hustlers.
  • Open online in minutes.
  • Deposit checks, pay bills, initiate wire transfers online – whenever, wherever.
  • Over 55,000 free ATMs nationwide.
  • No account opening or monthly maintenance fees.
APPLY NOW
3. Axos Bank Business Checking
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 Features

  • 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.
APPLY NOW
4. NorthOne Business Checking
NorthOne Banking offers a free business checking account that does not use ChexSystems. The $10 monthly fee gives small business owners access to banking with no overdraft, NSF, or minimum balance fees
. Members can cancel at anytime. NorthOne is a financial technology company, not a bank. Banking services provided by The Bancorp Bank; Member FDIC.

NorthOne Business Checking Features

    • Send ACH and wire payments from your phone or computer
    • Move cash for free through one of America's largest networks
    • Make mobile check deposits
    • Get human support on your schedule
    • Free transfers, mailed checks, and incoming wires
    • Integrates with other small business tools
    • Refunds all ATM fees
    • Free Mastercard® NorthOne Small Business Debit Cards for every owner
    • Add cash* at over 90,000 Green Dot locations nationwide
    • Get a $20 credit when you open and fund a new NorthOne Account.
APPLY NOW
5. 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.

Bluevine Business Checking 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).
APPLY NOW

Documents that may be required for 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.

Share:

Explore More

Send Us A Message

Get In Touch

6080 Center Dr, 6th Fl
Los Angeles, CA 90045

© 2023 All Rights Reserved.