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5 Banks for an Online Checking Account No ChexSystems

  • Banking
online-checking-accounts-that-do-not-use-chexsystems

Opening an online checking account No ChexSystems can make you bankable again.

Online-only banking is here to stay. It’s convenient, hassle-free, and safe. Plus, most online banks can offer higher savings interest rates and lower fees because they save tons of money by not having physical branches.

Many people shut out of banking are familiar with ChexSystems or Early Warning Services. Over 80% of banks use ChexSystems or Early Warning Services when deciding to open customer accounts. Having a negative banking history can be detrimental to financial growth.

5 Banks to Consider for Online Checking Account No ChexSystems

1. SoFi Money Account – up to $125 Bonus


The SoFi Money Account can be opened with a minimum of $10 with a debit card or an existing checking account. Get a $25 welcome bonus for opening a new account plus, if you sign-up for direct deposit you can get an additional $100 bonus.

SoFi Money Account Features

  • $10 Minimum opening deposit.
  • Get paid up to 2 days earlyˆ with direct deposit.
  • Earn 0.25% APY which is 8x the national rate for savings accounts.
  • No-fee Overdraft Coverage.
  • 55,000+ fee-free ATMs worldwide within the Allpoint Network.
  • Get up to 15% cash back on everyday expenses when you pay with SoFi Money.
  • Automated bill pay.
  • FDIC-insured deposits up to $1.5MM through the SoFi Money sweep program with partner banks.

2. Chime – $100 Bonus


The Chime Spending account is free with no monthly fees, no overdraft fees, and no minimum balance requirements, and it does not take your ChexSystems information into consideration. Chime also offers an optional high-interest savings account that earns 0.50% APY¹ that can automatically set aside money every month.

Account management is made simple with daily balance updates, an overdraft feature called SpotMe that allows you to overdraft your account up to $200 with no fees, instant transaction alerts, and automatic bill pay.

Chime Account Features:

  • No monthly or overdraft fees.
  • No minimum balance requirements.
  • Daily balance updates.
  • Instant transaction alerts.
  • Get paid up to two days early with direct deposit².
  • Access cash at 60,000+ fee-free ATMs³.
  • Optional no credit check Visa credit card that has no annual fee or interest and reports to the three major credit bureaus.

3. Current Banking


Current Premuim Account does not use ChexSytems or a credit report to open accounts. One unique feature Current offers is no-holds on debit card gas purchases. Some gas stations may apply a hold of up to $100 when you use a debit card. These holds lock the amount being held, making it unavailable for spending. The Current debit card will immediately refund the hold so that you don’t have available funds locked for days.

Current Premium Account Features

  • No minimum balance.
  • No overdraft fees when you overdraw by up to $100 with Overdrive™.
  • Get your paycheck up to 2 days early with direct deposit.
  • Earn points for unlimited cashback at participating retailers.
  • Gas station holds immediately credited to your account.
  • Send money instantly for free.
  • 24/7 member support.

4. Sable Banking


The Sable Checking account gives you everything you’d expect from a traditional checking account without the fees. Get second chance banking by downloading the Sable Banking App.

Sable banking offers a way to open a checking account with bad credit to get back to banking. You can start using your account and card as soon as you complete the application and your account is verified. Your physical debit card will be shipped to your mailing address within 5 – 8 business days after you open your account with Sable. However, you can start using your virtual card for online transactions as soon as you deposit money and it is credited into your account.

Sable Account Features

  • Sable has no minimum balance requirements. No monthly service fees. No overdraft or transfer fees. No foreign transaction fees.
  • Enjoy 1% cash back on your purchases, when you use your Sable Debit card on eligible purchases with merchants like Amazon, Netflix, Hulu, Uber, Uber Eats, Spotify, and Whole Foods.
  • Sable currently works with all ATM’s that accept MasterCard. Sable does not charge any fees for ATM withdrawals however the ATM provider may charge a fee.
  • Get instant transaction notifications on your cell phone.
  • Send and receive money from over 55+ countries for no fee.1
  • Add funds from international bank accounts or debit cards directly through the Sable app.
  • FDIC Insured up to $250,000*.

5. Oxygen Personal Account


Oxygen makes it easier for individuals to open an online checking account, no ChexSystems, with an application that takes less than 10 minutes to complete. Oxygen is a fintech company that offers personal or business checking accounts that don’t use ChexSystems through its banking partner, FDIC-Insured Bancorp Bank.

Oxgen Account Features

  • No monthly fees, no minimum opening deposit, no minimum balance requirements.
  • Savings 0.25% APY.
  • Unlimited fee-free transactions.
  • 40K Fee Free Allpoint® Network ATMs Nationwide.
  • 2 Day Early Direct Deposit.
  • Earn cashback on everyday purchases at approved merchants.
  • Enjoy the power to create single-use or merchant-locked cards that mask your card details. Even send money to friends.
  • Cell Phone Protection.
  • Extended Warranty Protection.

Banks can cause multiple overdrafts

Checking account reports mainly reflect account overdrafts or NSF transactions which make up the vast majority of account closures reported. Researchers in a study by Harvard Business School, estimated that only 2.5% of account closures are due to fraudulent activities; the remaining 97.5% are caused by overdrafts.

The problem with overdrafts is that the bank may hold some responsibility in causing multiple overdrafts based on one transaction. A report by the Pew Charitable Trusts found that 40% of the biggest U.S. banks surveyed, order transactions in a way that leads to increased overdrafts.

The overdraft fees were caused by the order in which the banks processed debit transactions — purchases, payments, and withdrawals — in order from the highest amount to the lowest.

Instead of processing transactions in the order that your bank receives them, banks can choose to process the biggest first, which brings your account balance down more quickly, leading to more overdraft fees. It’s unfortunate that a customer could end up with a ChexSystems or EWS record that was caused by the bank.

The problems with ChexSystems reports

It goes without question that banks and credit unions must have a way to screen new customers for risk potential. But for some financial institutions, a negative account screening report results in an automatic denial of any account without considering the bigger picture.

Unlike a credit report, ChexSystems and EWS do not contain positive information on a consumer’s banking history that could possibly balance out negative information.

Benefits of Online Checking Accounts

Benefits of an online checking account no ChexSystems ispretty much the same benefits of in-branch checking account. Just about everything you can do with a checking account in bank branches, you can do with an online checking account.

Here are several benefits:

  • An online checking account can help consumers in ChexSystems because online management tools allow customers to see full account details at any time. With instant alerts and updates it is easier to keep up with transactions and avoid mishaps that may land consumers in ChexSystems.
  • Not having to maintain a large network of branches means banks can pass the savings onto customers. Other perks are often also available, like ATM reimbursements.
  • Online banks’ checking and savings accounts come with higher interest rates and fewer fees than those at traditional banks.

You deserve a new account.

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