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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

Novo is a fintech, not a bank. Deposit account services provided by Middlesex Federal Savings, F. A.; Member FDIC. FDIC Insurance through Middlesex Federal Savings and virtual cards provided by Patriot Bank, N.A.; pursuant to Mastercard International.

2. Found Business Checking Account
Found is a financial technology company that offers business banking services for self-employed people. The company is headquartered in San Francisco, California. Found's business banking services are designed to be simple, affordable, and transparent.

Found Business Checking Features

  • No minimum balance requirement. There is no minimum balance requirement for Found business checking accounts. This means that you can open a Found account even if you don't have a lot of money in the bank.
  • No monthly fees. There are no monthly fees for Found business checking accounts. This means that you can save money by using Found for your business banking needs.
  • Free online banking. Found offers free online banking for its business customers. This includes features such as online bill pay, account transfers, and check deposits.
  • Expense tracking. Found offers expense tracking tools that help you keep track of your business expenses. This can help you save money and avoid overspending.
  • Tax planning tools. Found offers tax planning tools that help you plan for your business taxes. This can help you save money on your taxes and avoid penalties.

Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The Found Mastercard® debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc. Found’s core features are free. Found also offers a paid product, Found Plus.

3. LiveOak Bank Business Checking
LiveOak Bank Live Oak Bank is an online-only digital bank that provides small business savings for freelancers, solo-preneurs, gig workers, and micro-businesses. LiveOak offers no monthly fees, free business bill pay, and fee-free access to more than 55,000 Allpoint ATMs.

LiveOak Bank Business Savings Features

  • $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
4. 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.
5. 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.

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.


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