Would you like to open an online checking account? There are many considerations that you should make. To start with, these bank accounts usually act as a hub for many people’s personal finances. From being able to deposit their paychecks to being able to pay their monthly bill, there are many benefits one is likely to enjoy after opening a checking account. Since these accounts can be accessed online, be sure that you will enjoy unmatched convenience. Here, you will be able to keep track of your expenses or even pay bills online from the comfort of your home.
However, for you to open this bank account, some banks usually use ChexSystems to track your past bank history. This agency coupled with the need to make a certain deposit may hinder you from opening a bank account. Fortunately, there are some banks that allow you to open an online checking account with no Chexsystems no opening deposit. In this article, we shall take a closer look at how one can open such a bank account and other relevant ideas.
What Is An Online Checking Account?
Simply put, this is a bank account that allows you to operate and manage your account online using either your tablet, smartphone, laptop or any other internet accessing device. Unlike other bank accounts, this one hardly limits you on how you want to utilize your account.
The good news is that you can access your account online either using an app or over the web. It all depends on what you want. However, it is more secure to operate or access your account using an app. This bank account comes with debit cards that allow you to access your money from any ATM near you.
With this account in place, be sure that you will perform transactions online. These include sending and receiving money, paying for goods and services, depositing checks, checking your transaction history, viewing your account balance, and so much more.
As long as your device has a good internet connection, be sure that you will access your account more conveniently. However, avoid using public internet connection to prevent fraudsters from accessing your account secretly.
What Is Chexsystems?
This is an agency that collects bank problems for different account holders. In most cases, this agency collects information such as:
- Negative account closing
- Bounced checks and overdrafts
- Involuntary account closure
- Fraud or identity theft
- Account, ATM or card abuse
- The number of accounts one has applied for in the recent times.
Once you apply for a new account, credit unions and banks are quick to check your banking history from this agency. With this information at hand, the bank or credit union is able to determine whether to give you an account or not.
In case you had banking issues in the past, such as bounced checks or cases of fraud, be sure that some banks may be hesitant to allow you to open an account with them. However, there are some that offer second chances and thus allow you to open an account despite facing the aforementioned bank problems.
Once you are given a second chance, you will be able to correct the previous banking issues you had and thus be able to qualify for standard bank accounts. Besides this, there are banks that allow you to open a free online checking account without essentially checking your credit or asking you to make a deposit. Such banks are ideal and can serve as a better option instead of going for the second chance accounts. However, brace yourself for high fees anytime you perform transactions with such accounts.
What Is An Opening Deposit?
This refers to the amount of money that you need to bank when you open a bank account so as to make it active. When it comes to the opening deposit, the amount may vary from one bank to another. In case you do not have enough funds needed to open that bank account, be sure that you can now open an account that does not require you to bank any opening deposit.
How Can I Open An Online Checking Account With No Chexsystems Nor Opening Deposit?
With the above-mentioned details about online checking bank accounts and ChexSystems, time is ripe for you to know how to open an online checking account with no ChexSystems nor opening deposit. As we speak, we have a plethora of banks that allow people to open such bank accounts. In most cases, these are second chance checking accounts.
To open such a bank account online, you need to first do a thorough research on the available online banks that hardly consults ChexSystems nor requires you to have an opening deposit. After that, you can choose the most appropriate bank that fits your needs. Besides this, there are other factors that you should consider. These include:
1. Annual Fees
Banks are fond of imposing annual fees on different bank accounts. Since these deductions are usually made annually, sometimes, you may end up parting with a lot of money. Ideally, you should find a bank that does not impose these annual fees so that you can get value for your hard-earned money.
2. Monthly maintenance fees
Some banks usually lure customers by not asking them to deposit anything when opening a bank account but instead pay a certain monthly fee, which may be high at the end of the day. In most cases, these banks impose these high monthly fees in order to cover up for the deposit that you did not make in the first place.
Sometimes, you can pay monthly fees amounting to $20 or more. However, there are some banks that are quite lenient and as a result, charge monthly fees of as low as $5.The lower the monthly rate, the better the bank.
3. Inactivity fees
If your bank account remains dormant for some time, some banks may charge you a significant fee while others may not charge you anything. To be on the safe side, you should be keen to see the amount of money you are being charged and then make a comparison across different banks.
Ideally, your bank of choice should not charge any inactivity fees. In case it does, the fee should be affordable as there are instances you may find yourself bankrupt, with little money or money at all.
4. Transaction costs
If you buy goods and services using your debit card, chances are that you will incur some transaction costs. Depending on your bank of choice, the transaction fees can be high or low. Other times, some banks can charge a certain fee for ATM cash withdrawal, among other transactions.
Sometimes, these transactions can be free, while others can attract high fees. For optimal results, you should choose a bank that charges reasonable transaction fees so as to save on the entire transaction costs.
With the above-mentioned details at hand, you can now choose the bank that suits your needs and then gather the necessary information and documents. Some of the vital details that you should gather include:
- Your Social Security Number (SSN)
- Your physical address
- Your phone number
- Email address
- Identification documents such as the government ID, passport and so forth.
- Passport size photo
The SSN is important as it helps to identify you correctly and track your tax payment. You are also required to submit identification documents to prove your identity. With the SSN and other identification documents in place, criminals and other fraudsters can hardly open bank accounts as only genuine individuals are allowed to do so.
The phone number helps to facilitate the communication process between the bank and you, in case of an emergency. You are also needed to submit the email address so that you can be updated about any changes your bank has introduced in the recent times.
Finally, you will be needed to submit your physical address so that your credit card, debit card and paper statements can be sent to you directly. Some of the items that can serve as proof of your physical address include billing statements such as internet bills, electricity bills, water bills and so forth.
Once you gather these documents, you can now visit your preferred bank’s website and then fill in the application form. After that, you can upload the aforementioned documents so that they can be verified. Unlike other bank accounts, opening an online bank account only take a few minutes, and you will be good to go.
Ways To Get Chexsystems Report
As we speak, you can ask for a copy of your ChexSystems report so that you can know whether you have had banking issues in the past. Once you identify these areas, you will avoid making the same mistake next time. Here are the ways in which you can get your ChexSystems report:
- By calling 800-428-9623
- Online through the ChexSystem’s website
- Mailing a request to ChexSystems Inc., Attention to: Consumer Relations, 7805 Hudson Road, Suite 100, Woodbury, MN 55125.
- Faxing a request form to 60-659-2197
Once you request for a report from ChexSystems, it will be mailed to you in 5 days. However, if you want to get your report faster, contacting the agency by phone is the most ideal method for you. The moment you get the report, it is imperative that you check whether you have any banking issues.
Thereafter, embark on rectifying or cleaning any poor banking history you might have had in the past. For instance, if you have arrears with a certain bank, clear those arrears as soon as possible. Once you have settled all the banking issues included in your ChexSystem’s report, you can now contact your bank, credit union or debt collection agency so that they can update your banking history.
In case the details present on the ChexSystem’s report were wrong, you have a chance to dispute them so they can be rectified in good time. Finally, if someone had used your identification documents to open a bank account and performed a fraud, you can bring that issue to the agency’s attention and have your name cleared. Remember that cases of identity theft can make your ChexSystem’s report to have issues and thus hinder other banks from allowing you to open a bank account.
Are There Banks That Allow You To Open Online Checking Accounts No Chexsystems?
Yes. Although some banks are hesitant to allow individuals to open online checking accounts without necessarily having to check their individual ChexSystem’s reports, some banks actually hardly mind the status of your ChexSystems report. Some of these banks include:
- Chime Bank
- Douugh Banking
- Sable Banking
- Current Banking
- LendingClub Banking
- First American Bank
- Suntrust Bank
Final Words
From allowing you to pay bills online to allowing you to make purchases, there are many reasons why you should open an online checking account today. Although some banks are keen to check your ChexSystem’s report, others hardly care about the status of your report. Also, they do not need you to make an initial deposit. Some of the renowned banks that allow you to open such accounts are like the ones we have mentioned above. Follow the procedure mentioned above, and you will be able to create an online checking bank account successfully.