Banks That Dont Use Chexsystems
If you have never heard of Chex congratulations, this likely means youve never bounced a check or let a negative checking balance age. But for the rest of us who have not had a squeaky clean checking account history, we need to learn more about overcoming a negative Chex report.
One of the most common questions asked is: What Banks do not use Chex? In other words, your relationship with a previous bank has ended poorly, so are there still banks out there that will open an account for me?
Below is a list of 25 banks that either do not look at a persons Chex history when opening an account, or the bank has a second chance checking product designed for individuals with negative checking history.
For your convenience, this list has been divided into Online, National, Regional, and Local banks. Under each section, the bank names simply appear in alphabetical order.
Better Places To Bank Than Walmart’s Gobank
By the end of October, Walmarts across the nation will begin offering customers access to a new low-fee checking account via online banking system GoBank.
This isnt the mega-retailers first foray into the consumer banking business. Two years ago, Walmart partnered with American Express to launch the Bluebird card, a low-fee prepaid debit card. It was a strategic move aimed at targeting the millions of consumers in the U.S. who dont maintain regular bank accounts.
With the GoBank checking account, Walmart is once again hoping to woo customers who are wary of the high fees associated with traditional banks. Walmart says the GoBank accounts wont have minimum balance requirements or overdraft fees. But they arent entirely fee-free. First of all, you can only open an account by purchasing a $2.95 starter kit from Walmart, which includes the debit card itself. There’s also a minimum deposit of $20 required when you open the account.
And unless users set up a direct deposit of at least $500 per month, theyll get slapped with an $8.95 membership fee. Any time you visit an out-of-network ATM, theres a $2.50 charge, plus a 3% foreign transaction fee. Theres also no savings option yet, which means customers would have to maintain a savings account at another bank.
But is GoBank the best in free checking accounts today? Not quite, especially if youre willing to go completely digital with your banking.
Here are 5 even better places to stash your cash:
Best Prepaid And Mobile Bank Available
I see bad reviews for petty reasons what more do you want for a easy banking experience with no fees or penalties: if youre looking for all the luxuries of a expensive bank with a checking and SAVINGS well than go irl and go through the hassle! And to complain about the stash and unstash functionality is ridiculous maybe you need to have more self control on your own money handling issues because all the reasons that this bank does is to protect you and youre money from theft!! Now for my reasons is quite simple I can load free at wal mart or a simple 5 dollar fee at other locations yes theres a fee for atm withdrawals but another simple way around that is to get cash back at a register which is amazing since all other cards I tried before run as credit! Gobank gives u a real pin and debit function also my gf goes out of state once a year and now she has a account so we can send money from each other in the matter of minutes and for free! Now I dont have to go to all the headaches of western union its as easy as sending a text message and bam she has money and I dont have to worry about her and my son being without any! I can say lots of other Positive reasons but Ill keep this short as I can cause other than expensive banks and other horrible prepaid banking the Choice is easy this a Winner Of A Mobile Banking option A++
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Gobank Review Vs Varo Review
You’ll prefer Varo over GoBank if you’re looking for a savings account. Not only does Varo have a savings account, but the Varo Savings Account pays one of the highest interest rates in the industry.
Varo lets you overdraw by up to $50 before it denies your purchase, but GoBank doesn’t let you overdraw at all.
Varo doesn’t send you a checkbook, though, so you’ll probably like GoBank if you use paper checks.
Laura Grace Tarpley is an editor at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance . Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.
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How Can I Tell If I Am In Chexsystems
Just like credit bureau reports, Federal law says that consumers are allowed to get one free copy of the Chex report every year, and/or every time they are denied a product at a bank due to what is on their Chex report.
We recommend customers get in the habit of pulling their credit reports and Chex reports once a year set a reminder on your calendar and then pull them all at the same time.
Copies of your Chex report can be ordered on the Chex website.
Can You Use Gobank On Cash App
The Cash App does not accept prepaid cards heres how to use a bank account or an accepted credit card. Cash App currently does not allow you to add funds to your account using a prepaid card. You can use Cash App to load your account with Visa, American Express, Discover, or MasterCard credit or debit cards.
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Who Is Gobank Best For
GoBank works best if you’re looking for a simple checking account and are comfortable with banking online. It’s suited for people who want:
- No overdraft fees
- A large network of no-fee ATMs
- Direct deposit of their paychecks
- No minimum balance requirements
There’s only one account at GoBank, and that’s an online checking account.
GoBank also offers the following services:
- Mobile and online access
- Free cash deposits at Walmart stores
- Fee-free ATM access
Is Chime Better Than Gobank
Chime offers a savings account, which, if you prefer your checking and savings accounts together, can make Chime better than GoBank. Other than the savings account, though, the features are similar, except GoBank charges a hefty monthly fee if you dont have you have at least $500 in direct deposit monthly.
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What Is Second Chance Banking
Second Chance Banking are checking account products specifically designed for potential customers that have a negative history in the Chexsystem. This is a relatively new innovation in the banking industry, created in reaction to the pressure banks have been receiving to service the unbanked/underbanked in America.
Second Chance checking accounts are usually slimmed-down versions of the banks normal checking product. The precise terms vary spending on the bank, but in general, these products have some of the same benefits as a standard checking product. These benefits include: access to a debit card, access to ATMs, direct deposit, and access to online/mobile sites.
However, the Second Chance products also have some drawbacks over a normal checking product, such as: no access to paper checks, monthly fees, no ability to overdraft , restrictive caps on spending/deposit/withdrawal limits, and lack of extras services like Billpay.
Of course, it is worth saying again that the main reason to choose a Second Chance product is simply that you are unable to qualify for a standard checking product.
Second Chance accounts can get you started at a major bank, and are much better than predatory alternatives like payday loans and check-cashing services.
Overall Review Of The Gobank Card
Theres a lot to like about the card. The mobile app is excellent, theres a large ATM network and you can direct deposit money for free while getting access to your paycheck two days ahead of schedule.
With this account though, you need the right approach to prevent fees. Depositing cash, ordering paper checks and using out-of-network ATMs all get expensive with the card, and you should avoid these transactions whenever possible.
This is a good choice for someone who wants a mobile-centered account but cannot qualify for a standard checking account because of credit or financial difficulties.
There are more generous checking accounts out there that pay interest and are better with refunding ATM fees. But you may need to pass a ChexSystems review of your banking history to qualify. If you cant do that, the card is a solid choice for managing your money.
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Mobile And Online Banking
GoBank is designed specifically for a mobile and online banking experience. As a bank with no branches, youll have to conduct nearly all of your transactions via the online and mobile platforms.
- Bill pay
- Send & receive money
The Money Vault is essentially a separate partition of the GoBank account. Users can segregate certain funds into the Money Vault, such as vacation savings, so that they are not used on daily spending. Unlike a traditional savings account, the Money Vault doesnt pay any interest or offer any additional features. You can transfer money between your GoBank account and the Money Vault whenever you wish.
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Second Chance Banks Vs Non
A Second Chance bank offers potential customers with a negative ChexSystems history a slimmed-down version of their normal checking product.
A Non-ChexSystems bank offers their normal checking product to everyone and skips the Chex review.
Normal is usually better than slimmed-down, so we would recommend looking for a Non-ChexSystems bank before choosing a Second Chance bank. It would also be worth your time to speak to the branch manager at a traditional bank, to see if they are one of the 50% of banks that allows their manager to override a bad Chex history.
Opening A Gobank Card Account
You can open a GoBank card account on its website, through its mobile app or by buying one from a participating retailer, such as 7-Eleven, Rite Aid, CVS, Walgreens or Walmart. You will need to make an opening deposit of at least $20 but no more than $500 to launch your account. You can make the deposit by buying a card directly from a retailer, setting up a direct deposit or by depositing cash at a retailer after setting up your account online.
Registering for the card is simple. It does not run ChexSystems. It only verifies your identity by asking for your name, address, date of birth, Social Security number and contact information. It may ask you to upload a form of ID, such as a drivers license, to confirm this information.
If you buy your GoBank card at a retailer, its possible that GoBank will not receive all the information it needs to verify your identity. It will limit what you can do with your account until you can submit the missing info. With the limited account, you can spend whatever you initially deposited on the card, but you will not be able to add new funds. You will also be blocked out of most of the account features, such as bill payment, person-to-person transfers and making international purchases.
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Should You Open A Second Chance Bank Account
If youve been struggling without a traditional checking account, you should absolutely consider a second chance bank account. Not only will it give you an opportunity to rebuild your banking history, and move up to a traditional bank account within as little as one year, but it will also help you to avoid the many high fees that come when you use alternative banking products.
Check cashing services are expensive, and not always reliable. And if you have to use a prepaid debit card, youll deal with recurring fees regularly. With a second chance bank account, youll get a Visa or MasterCard debit card, that can be used anywhere either card is accepted. Youll typically pay no fees for in-network withdrawals and deposits.
A checking account connected ATM card alone can be a major stress reliever. You can use it just about anywhere a debit or credit card is required, without needing to load funds onto a prepaid card each time you need to make a purchase or pay a bill.
With a second chance bank account, youll be able to write checks where necessary, pay bills online, transfer funds in and out of the account, and use your debit card for both ATM transactions and online and point-of-sale purchases.
Is Gobank A Good Bank
Amy is an ACA and the CEO and founder of OnPoint Learning, a financial training company delivering training to financial professionals. She has nearly two decades of experience in the financial industry and as a financial instructor for industry professionals and individuals.
Our editors independently research and recommend the best products and services. You can learn more about our independent review process and partners in our advertiser disclosure. We may receive commissions on purchases made from our chosen links.
GoBank
GoBank, a brand of Green Dot Bank, is a way for Walmart customers to access a low-cost checking account. It might come in especially useful if youve previously had trouble opening bank accounts because GoBank doesn’t depend on ChexSystems for approvals.
- Pros and Cons
- Official Websitewww.gobank.com
- Bank Product OfferingsOnline checking account
- Customer ServiceAvailable by phone or email, plus an FAQ section and chat system on the website.
- Year Founded2014
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Bottom Line: Gobank Review
GoBank is a simple checking account. If you dont need all the bells and whistles bigger banks offer and you will have at least $500 sent via direct deposit each month, it can be a convenient way to have a simple checking account.
Everything is online with GoBank, but you can go to a local GreenDot location if you need in-person service, but it will cost at least $4.95.
Its best for those who cant open a standard checking account but need a way to store their money and pay bills.
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Earn Over 10x The National Savings Rate Average** Interest Paid Quarterly On The Average Daily Balance Of Savings During The Quarter Up To A $5000 Balance And If The Account Is In Good Standing Fees On Your Primary Deposit Account May Reduce Earnings On Your Savings Account 100% Annual Percentage Yield As Of August 2021 Apy May Change Before Or After You Open An Account See Deposit Account Agreement For Terms And Conditions The Average National Savings Account Interest Rate Of 006% Is Determined By The Fdic As Of 7/19/21 National Rates Are Calculated Based On A Simple Average Of Rates Paid By All Insured Depository Institutions And Branches For Which Data Are Available Savings Account Rates Are Based On The $2500 Product Tier Of Insured Depository Institutions For Which Data Is Available Visit Https: //wwwfdicgov/regulations/resources/rates/ To Learn More
High-yield savings account, 1% APY paid quarterly on savings up to $5,000.** Interest paid quarterly on the average daily balance of savings during the quarter up to a $5,000 balance and if the account is in good standing. Fees on your primary deposit account may reduce earnings on your savings account. 1.00% Annual Percentage Yield as of August 2021. APY may change before or after you open an account. See Deposit Account Agreement for terms and conditions. The average national savings account interest rate of 0.06% is determined by the FDIC as of 7/19/21. National rates are calculated based on a simple average of rates paid by all insured depository institutions and branches for which data are available. Savings account rates are based on the $2,500 product tier of insured depository institutions for which data is available. Visit to learn more.
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Summary Of Banking Options For People With Bad Chexsystems History
Here is a summary of your banking options if you are one of the 19 million Americans that have a negative history in ChexSystems: