How to Open an Online Checking Account Without Chex Systems
Chex Systems is used by most banks to identify applicants who've previously had trouble properly maintaining their bank accounts. Having a negative report on Chex Systems will not prevent you from opening a bank account. In some cases, your local bank may overlook a negative Chex Systems report to earn your business. However, there are banks, such as Marketplace Bank, that don't use Chex Systems to verify new accounts.
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Instructions
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Locate an online bank that doesn't use Chex Systems to verify applicants. RBC Centura and Clarity Banks are two of the online banks that use your Equifax credit score in lieu of Chex Systems. Other online banks like Frost National Bank and NetBank will allow you to open a checking account with the presence of negative items on your Chex Systems report.
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Analyze the various fees charged by each online bank. Some online banks will provide you with a "second chance" account, while charging higher than normal fees. For example, Skylight bank charges $19.95 to sign up, and $6.95 per month. In some instances, you may be required to start your checking account with a minimum dollar amount that may be as high as $500, depending on your financial institution. In addition, some online banks will not afford you check-writing privileges. Instead, you'll be issued a check card to facilitate your banking needs.
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Provide your personal information. Your identity must be verified in order to establish a bank account of any kind. You'll be required to provide a copy of your social security number, and a drivers license or state ID. This will help your new bank verify who you are, and where you reside. In some instances, you may be asked to supply a recent utility bill to ensure that your address is current.
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Fund your checking account. Depending on the bank you select, you'll be able to fund your checking account by sending a money order. Some online banks allow customers to fund their checking account using a credit card.
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Tips & Warnings
In some cases, your second chance account may come with astronomical fees. Some online banks may use the fact that you have less-than-stellar credit and a negative Chex Systems report to increase your fees. Avoid online banks that charge set-up fees to establish your account.
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