If you have had some financial hardship in the past, you may have been blacklisted by ChexSystems. For most consumers, this means that they have been blocked from opening a checking account at most banks and credit unions.
However, many banks have now chosen to ignore ChexSystems and now offer consumers a second chance bank account. Banks that don’t use ChexSystems do charge a monthly fee, but it can be worth the peace of mind knowing your money is safe.
We have gone ahead and identified the best second chance bank accounts and banks that don’t use ChexSystems.
Banks that don’t use ChexSystems
Every consumer deserves a second chance, which is why Axiom bank offers second-chance banking. Axoim bank does not use ChexSystems for its Opportunity checking account.
The Opportunity Checking Account is specifically designed for those that have been in previous financial hardship.
The account requires no minimum balance and you may even qualify for a debit card.
A one time fee and a monthly charge do apply to the account.
Wells Fargo Opportunity Checking
One of the largest banking services providers, Wells Fargo offers its Opportunity Checking account to customers who have a negative ChexSystems reports.
You are required to open the Opportunity Checking account inside a local branch.
The Wells Fargo Opportunity Checking account is great because the account will still come with all the basic features of a normal checking account such as online banking and easy pay for bills.
Although the account charges a one time fee and a monthly charge, you will have the convenience of banking with a large institution. This includes access to thousands of ATMs and branch offices.
Capital One 360 Checking
Capital One uses the ChexSystems for all accounts, but it does not base your approval on ChexSystems alone. If you have a relatively healthy credit score and have not been convicted of fraud, chances are you can qualify!
The best part? There are no monthly or one-time fees associated with this account according to eCheck.org. Capital One may be the only bank that doesn’t use ChexSystems that offers a free checking account.
BBVA has built its brand on working with consumers who may have been in financial hardship. The bank offers consumers that have been blacklisted on ChexSystems their Easy Checking account, which offers no ATM fees at select ATMs.
The account does carry a monthly charge and a one time fee, but also provides customers with a free Visa debit card. Banks are reluctant to give debit cards to those with negative ChexSystem reports since it may be a source of liability.
Credit Unions that don’t use ChexSystems
North Georgia Credit Union
Checking accounts at North Georgia Credit Union (NGCU) do not require a minimum balance and do not charge a monthly fee. With your account, you can also obtain a free Visa debit card. Additional perks include free home banking and bill pay.
Consumers can also use their NGCU accounts to take Direct Deposit and payroll deductions. Consumers must be a member of the NGCU to obtain these benefits.
First Service Credit Union
First Service Credit Union has second chance checking accounts available to consumers with a bad ChexSystems report. These checking accounts do not use ChexSystems, yet require a monthly service charge of $9 for unlimited transactions. First Service credit union is a credit union that does not use ChexSystems. Other benefits include a free debit card and free e-statements.
If your account with First Service Credit Union has been in effect for six months with no overdrafts and continuous deposits, your account may be moved to a standard checking account. Membership is required for these benefits.
Alliance Credit Union
Alliance Credit Union’s second chance checking program requires a monthly fee of $10 and a minimum opening deposit of $50. However, there is no minimum balance required. Consumers will have access to an array of free in-network ATMs while out of network ATMs carry a charge of $2 per transaction.
Online banking and mobile banking are also included with your checking program. You must be a member of the Alliance Credit Union to obtain these benefits.
It can be hard to bounce back from financial hardship, but these banks and credit unions that don’t use ChexSystems are more than willing to work with consumers who may have not had a spotless financial history.
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