ChexSystems is a consumer reporting agency that tracks checking and savings account activity. The information provided by ChexSystems is used by financial institutions to perform risk assessments for new customers. For people who have a less than ideal ChexSystems record, it can be very difficult to open a checking account. In this article, we’ll provide everything you need to know about opening a bank account that provides the convenience and accessibility of online banking, regardless of your ChexSystems history.

What’s Covered In This Article:

  • What is an online bank?

  • What is FDIC insurance?

  • Online banks that do not use ChexSystems

  • Offline banks that do not use ChexSystems

  • And More…

Although most financial institutions review ChexSystems history before approving a customer for a new account, this isn’t the case for all banks — particularly online banks. For customers who have been denied new accounts based on ChexSystems reports, it’s important to know which banks use ChexSystems. Searching for an online bank to meet your financial needs can narrow the list of possible choices even further. However, there are still several options for online banks that don’t use ChexSystems.

Knowing which banks use ChexSystems can be difficult because companies rarely disclose this information on their websites. To help you in your search, we have compiled a list of online banks that do not use ChexSystems. It’s important to note that while some of these banks have explicitly stated that they do not use ChexSystems to approve or deny new customers, others may pull ChexSystems reports under certain circumstances, or they may pull a report and review it but not use it as a factor for denying an application. It’s up to the bank’s discretion to decide whether to look at this information and how to use it. For additional information, read our article about traditional banks that don’t use ChexSystems and other options for customers who have an unfavorable ChexSystems report (including prepaid cards and second chance accounts).

What Is An Online Bank?

For the purposes of this article, we’ve defined an online bank as one that enables its customers to do all of their banking electronically from their computer, without needing to visit a physical branch location. While many of these banks do have physical branches that you can visit if you would prefer to do your banking in person, you don’t need to visit a branch to open or manage an account. This is especially convenient for people who work or have other commitments during typical business hours for a traditional bank, or for those who simply prefer the convenience and flexibility of banking on their computer, phone, or tablet.

What Is FDIC Insurance?

All the banks listed here are insured by the Federal Deposit Insurance Corporation (FDIC), meaning all customer deposits are protected up to $250,000. FDIC insurance applies to all types of deposits that a consumer can make with a bank, including checking accounts, savings accounts, money market deposit accounts, certificates of deposit, and other official items issued by the bank, such as money orders or cashier’s checks. Essentially, this means that if the bank where you keep your money were to close, your funds would be protected (up to $250,000). This provides a safeguard for consumers in case a bank fails, ensuring that patrons will still have their money even if the bank ceases operation.

Online Banks That Don’t Use ChexSystems

Southwest Financial Checkless Checking (Savings or Checking Account)

  • Minimum Deposit: None for checking; $25 for savings
  • Requirements: A primary savings account is required for a checking account
  • Monthly Fees: None
  • FDIC insured? Yes
  • Perks: Free withdrawals and dividends earned for savings account; overdraft protection for checking account
  • Locations: All banking can be conducted online, but Southwest Financial also has two full-service locations in Texas (The Woodlands and Dallas). ATMs are located worldwide, and cash back can be obtained at most local merchants and retailers connected to CU24
  • Read the above information and begin the application process by visiting the Checkless Checking page on the Southwest Financial Website

BBVA Compass ClearChoice Free Checking

  • Minimum Deposit: $25
  • Requirements: None
  • Monthly Fees: None
  • FDIC insured? Yes
  • Perks: Free debit card
  • Locations: All banking can be conducted online, but BBVA also has over 688 branches in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas. Over 1,000 ATMs are located in Texas.
  • Read the above information and begin the application process by visiting the ClearChoice Free Checking page on the BBVA Compass Website

Frost Banking, Checking and Savings

  • Minimum Deposit: $25 for checking; $50 for savings
  • Requirements: None
  • Monthly Fees (Checking): $5 or $2 for students, waived with one of the following: a $100 monthly deposit; $1,000 minimum daily balance; or combined $2,500 minimum average daily deposit balance
  • Monthly Fees (Savings): $3.50, waived with $500 minimum daily balance
  • FDIC insured? Yes
  • Perks: Overdraft protection
  • Locations: All banking can be conducted online. However, Frost has locations in multiple cities in Texas, including Austin, Corpus Christi, Dallas, Houston, Permian Basin, Rio Grande Valley, San Antonio, and Tarrant County. There are over 1,200 free ATMs located in the state as well.
  • Read the above information and begin the application process by visiting the Personal Checking page on the Frost website

NetBank Checking

Peoples Cash Solutions Second Chance Checking

USAA Bank Checking

  • Minimum Deposit: $25
  • Requirements: Accounts only available to military members, veterans, and their family members
  • Monthly Fees: None
  • FDIC insured? Yes
  • Perks: Overdraft protection
  • Locations: All banking can be conducted online or at ATMs or branches nationwide. Use the bank locator here.
  • Read the above information and begin the application process by visiting the Checking page on the USAA Website 

Offline (Traditional, Brick-and-Mortar) Banks That Don’t Use ChexSystems

Renasant Checking

  • Minimum Deposit: $50
  • Monthly Fees: $7.50, unless a $500 monthly balance is maintained
  • FDIC insured? Yes
  • Perks: Online banking available, unlimited check writing
  • Locations: This bank has locations in Mississippi, Tennessee, Alabama, and Virginia
  • Read the above information on the Renasant Checking page of the Renasant Bank website 

Bank of Arkansas Opportunity Checking

  • Minimum Deposit: $50
  • Monthly Fees: $14.95 + $1.50 for paper statements. The fee for paper statements can be avoided by opting for online statements.
  • FDIC Insured? Yes
  • Perks: Online banking available
  • Locations: This bank has locations in Arkansas. Use the branch locator to find a branch nearby.
  • Read the above information on the Opportunity Checking page of the Bank of Arkansas website

Wells Fargo Opportunity Checking and Opportunity Savings Accounts

  • Minimum Deposit: $25
  • Monthly Fees: $10. This fee can be avoided with one of the following: a daily balance of $1,500; if the debit card is used at least ten times a month; or if at least $500 in direct deposits are made
  • FDIC Insured? Yes
  • Perks: Online banking available; ExpressSend and Bill Pay services available
  • Locations: This bank has locations in most of the 50 states. Use the branch locator to find a branch nearby. You can also make an appointment online to meet with a banker.
  • Read the above information on the Opportunity Checking page of the Wells Fargo website

Woodforest National Bank Checking and Savings

  • Minimum Deposit: $25 for both checking and savings
  • Monthly Fees (Checking): $9.95 with direct deposit; $11.95 without direct deposit
  • Monthly Fees (Savings): No monthly fee if $200 balance is maintained; otherwise, $3
  • FDIC insured? Yes
  • Perks: Online banking available
  • Locations: This bank has locations in Alabama, Florida, Georgia, Kentucky, Louisiana, Illinois, Indiana, Maryland, Mississippi, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, and West Virginia.
  • Read the above information on the Checking Accounts page of the Woodforest National Bank website 

Banks That Don’t Use ChexSystems: Final Thoughts

Whether it be for savings or an online checking account, no ChexSystems banks are preferred.

It can be very discouraging to apply for a checking or savings account only to get rejected because of a ChexSystems report. We hope this list provides some alternate options for obtaining a checking account through an online bank. While these banks are great options for a second chance at banking, it is important always to be mindful of making timely monthly payments and remaining in good standing with whichever bank you choose. This can help you clear up your ChexSystems record and open up more financial opportunities for the future.