Does Citizens Bank Use Chexsystems – If you’ve made financial mistakes with your checking account in the past, it can be difficult to find a new bank willing to do business with you. To start over, it’s worth looking for a non-ChexSystems bank that doesn’t review the bank history of potential customers.
While many banks use ChexSystems to determine if someone has a history of overdraft fees or other problems, there are good banks that don’t. Other banks offer so-called “second chance” accounts that require a fresh start.
Does Citizens Bank Use Chexsystems
Life without a bank account is difficult. If you need a checking account to get back on track, here are 15 options to consider.
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CIT Bank is an online-only bank owned by CIT that is fully digital and offers savings, checking and loan products. Launched in 2011, CIT Bank offers a wide range of fully online banking products, as the bank has no physical location or ATMs of its own, although they do offer free access to a national ATM network.
Although CIT Bank has a relatively high minimum deposit ($100) to get started, it offers one of the best interest rates among online banks and has no initial, monthly, online transfer or incoming wire transfer fees.
Chymi is an online bank, ideal for people who prefer the convenience of operating with their smartphone. There is no credit check to apply for an account and Chime does not use ChexSystems.
Even better, there are no fees when you open a Chime checking account. The app incurs no monthly maintenance or overdraft fees, and account holders can use ATMs at over 38,000 locations for free.
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There is no minimum deposit required to open a Chime account. On the downside, it can be difficult to deposit cash into your account since you have to visit a Green Dot location in person to do so.
BBVA gets high marks for its online checking account, which is both affordable and flexible. There are no monthly service fees and you don’t need to maintain a minimum balance to keep your account in good standing. They are also members of the FDIC.
It’s worth checking out the free cards with a BBVA current account. Account holders get free online bank and bill payments, free mobile deposits, free Visa debit cards and unlimited check writing.
Although BBVA does not use ChexSystems, it does use Early Warning Services (EWS) to screen applicants for things like check fraud, forgery and check titles. However, this is unlikely to prevent someone with a bad overdraft credit history from qualifying for the account.
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To open a current account at BBVA, new account holders must deposit a minimum of $25. You can do this entirely online, and many users report that it took less than five minutes to apply and get approved.
SoFi is another online bank that offers a checking account without ChexSystems. Although there are no physical branches, account holders can browse the network of more than 55,000 ATMs nationwide for free.
Like many other online banks, the SoFi checking account comes with zero fees. If your account is discovered, SoFi cancels the transaction without charging you.
One thing that separates SoFi from its online banking competitors is physical checking. With SoFi, you can get free physicals if you need them.
The Pros And Cons Of Banks That Don’t Use Chexsystems
Navy Federal Credit Union serves more than 8 million members, making it the nation’s largest credit union. To join, you must be active duty or reserve military, a military veteran, a defense employee or contractor, or a family member of someone who meets the membership criteria.
Members receive free checking with no monthly fees, however there is a $29 overdraft fee. There are no overdraft fees if you link your Federal Navy Savings Account to your checking account and have sufficient funds in savings to cover any withdrawals.
Navy Federal has approximately 350 physical branches and members can take advantage of more than 30,000 ATMs at no charge.
First American Bank is a traditional bank with physical branches in Illinois, Wisconsin and Florida. It offers online banking to customers in all 50 states.
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A $50 deposit is required to open a Fresh Start checking account, and account holders pay a monthly fee of $9.95. However, there is no minimum balance requirement, digital statements are free, and account holders receive unlimited checking.
SunTrust Bank offers a checking account without the need for ChexSystems, making it perfect for people with a difficult banking history. There is a minimum deposit of $100 to get started and a monthly maintenance fee of $7.
However, there are ways to waive the monthly maintenance fee, including maintaining a balance of $500 or more in daily deposits, making at least $500 in direct deposits each month, or starting to make at least 10 transactions each month. You can even waive the monthly fee if you open your account as a student.
People’s Cash Solutions offers free online banking services as well as free paper checks with your Second Chance Checking Account. A minimum deposit of $30 is required to open an account with a monthly fee of $4.95.
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On the downside, People’s Cash Solutions does not offer a mobile app. However, you can view your account online and make payments on the web without paying any fees.
People’s Cash Solutions also offers account holders a free MasterCard debit card and free monthly paper statements.
Renasant Bank doesn’t use ChexSystems, EWS, or Telecheck, so it’s worth checking out if you’re concerned about a negative bank history preventing you from opening a checking account.
Renasant offers online banking and online bill payment. Account holders also receive a MasterCard debit card linked to their account along with unlimited check writing
Banks That Don’t Use Chexsystems
To open an account, you must deposit at least $50. There’s also an $8 monthly maintenance fee until you sign up for eStatements or maintain a minimum daily balance of $500.
TD Bank offers a variety of checking accounts, but its Simple Checking Account is best suited for people trying to rebuild after financial mistakes. Simple checking account requires no minimum deposit and free online statements.
Account holders pay a monthly fee of $5.99, but there is no minimum balance requirement to keep the account in good standing. Account holders also get a 0.25% discount on personal loans and home equity loans.
First Convenience Bank is a division of First National Bank of Texas. First Convenience Bank does not use ChexSystems for any of its five checking account offerings: Power Checking, Interest-Earning Checking, President’s Choice High Yield Checking, eAccount or Power Stash.
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According to the first feature, your current energy account is the most popular. Account holders must deposit $20 to open an account online, but no minimum deposit is required if opening an account in person at a branch.
There is a $12 monthly maintenance fee for an Energy Checking account, but the fee is not for account holders 55 and older. The bank will also waive the maintenance fee if you maintain a minimum daily balance of $100, use your debit card at least eight times a month, or set up at least $100 in monthly direct deposit.
TCF Bank serves customers in Arizona, Colorado, Illinois, Michigan, Minnesota, South Dakota and Wisconsin. Your free checking account has no monthly fees and requires a minimum of $25 to open.
On the downside, TCF charges high fees, including a $37 overdraft fee. It is also difficult to find detailed information about the terms and conditions of the account on the TCF website.
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Fort Sill National Bank (which now goes by FSNB) serves both civilian and military members. Your basic checking account requires a minimum deposit of $5.
There is a $6 monthly fee, but you can waive it if you keep your balance above $75. Paper statements cost $3.50 per cycle, but electronic statements are free.
Southwest Financial Federal Credit Union offers a non-checking checking account that it describes as “a suitable checking account for people with troubled pasts.”
The account includes online banking and a mobile app, MoBi Anytime Deposit, that lets you deposit checks through your smartphone.
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Originally founded to serve employees of Kroger grocery stores, Southwest Financial Federal Credit Union has expanded membership to other select employee groups over the years. Credit unions do not publish lists of groups that are eligible to join, however, you may need to check with your employer to see if membership is available.
US banks have over 3,000 branches, which is a bonus if you prefer to do your banking in person. If your banking history isn’t perfect, a simple checking account can help you rebuild.
The monthly maintenance fee is $6.95, but you can waive it by maintaining a minimum average balance of $1,500 or by setting up direct deposit of at least $1,000. US Bank may also waive the monthly fee for account holders age 65 and older.
ChexSystems is a consumer reporting agency similar to credit bureaus like Experian, Equifax or TransUnion. However, instead of checking your credit history, ChexSystems runs reports on your banking history.
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When you apply to open a checking account, most banks want to know that they can trust you to manage the account responsibly. Instead of taking your word for it, they ask ChexSystems to collect records of bounced checks, overdrafts, etc.
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