Is there any way to open a checking account online with no deposit? Yes, there is! Some banks won’t work with people who have very little money, but according to the FDIC, 93% of all Americans have a checking account. It’s almost a necessity for doing business in today’s world. Some employers refuse to issue a paper check, insisting on electronic deposits. Many services demand that their payments be scheduled via bank draft. And you can’t have a debit card without a bank account. But, with many banks, you have to have hundreds of dollars to open an account, and that is just not always possible! That’s why you need to find a bank online that will let you have a checking account with no deposit.
Did you know that banks report to credit agencies? They do, and they have one in particular that they use to communicate with other banks: ChexSystems. ChexSystems is the credit reporting agency used by most banks to keep record of your checking account’s activity. For example, if you have frequent insufficient funds, your bank will report you. If you have frequent overdrafts, your bank will report you. Even if you just have trouble maintaining a minimum balance, your bank will report you. They can ruin your credit ranking just based on your behavior with your checking account.
ChexSystems keeps your banking records for 5 years. That is a long time to have something on your record that could affect whether or not you can get a checking account. About 15% of people who apply for a checking account are denied because of their reports filed with ChexSystems.
But it doesn’t stop with ChexSystems. Many banks will check your credit report. They may deny you a checking account if you have a low credit score. And, all of this when you just need someplace to deposit your paycheck!
If you have a history of problems with your checking account, don’t give up. There are many options that will let you open a checking account with no deposit. Furthermore, there are several banks that don’t even use ChexSystems. You just need to find those free checking account with no deposit and not credit check or second-chance checking accounts.
Free Checking Account No Credit Check No Deposit
Sometimes your brick-and-mortar bank will have checking accounts with no fees, but it’s not very common. Most online checking accounts, though, are great about low cost, no fee services. Here are some of the banks that offer free checking accounts with no credit check and no deposit:
- Chime Checking
- Independent Bank
- TD Ameritrade
- Axiom Bank
LEARN MORE>> The guide to open a free online checking account with no deposit
Second Chance Banking
Some banks will offer second-chance account services. You could find these services at your local bank or at an online bank (as some of the banks mentioned in the last section). In any case, you should look for accounts that offer the following features:
- No monthly service fee
- No minimum deposit
- No minimum balance
- Low-cost optional overdraft protection
- ATM use with no fee
- No transaction fees with debit cards
Some of these banks even offer .1% or .2% interest on your balance! That means that they ADD money to your account for as long as you have money there.
READ MORE>> How to open an online checking account instantly
LEARN MORE>> You decided to open a bank account? Find out about online checking account interest rates to learn how to earn cash even when your money is parked in your account
Open bank account online no deposit bad credit
We’ve explained how and why the way you previously handled your checking account can make it difficult to open a new account. Yes, there are plenty of banks that will open up a checking account for you without expecting a deposit, but not all of these banks will provide you with an account if your ChexSystems report or your credit report comes back with something that concerns the bank.
So, what do you do if you have bad credit and no deposit? Can you even open an account online? You can, you just need to be selective about which banks you apply at. First, if you have absolutely no money to start an account with, consider Chime Bank, a second-chance account provider that lets you open an account with $0 for a deposit, and which will consider you even if your credit record is poor.
Have $10 for a deposit? Radius Bank will open an Essential Checking account for you to help you rebuild your credit score. You have a lot more options if you have a deposit of $25. All of which will allow you to open an account no matter your bad credit or checking account problems. Consider Wells Fargo’s Opportunity Checking account, BBVA’s Compass ClearChoice Free Checking and also the First National Bank and Trust Company’s Renew Checking account.
Fair Credit Reporting Act
If your bank refuses to give you a checking account, find out why. And if your bank keeps you in the dark about why you have been refused a checking account, you have the Fair Credit Reporting Act to back you up. This act requires banks to tell you why they are denying you a bank account.
Online checking accounts are seen by many as the wave of the future. Don’t struggle with obstinate tellers and loan officers in your city. Go online and get a checking account with no deposit and no fees. It makes life easier, and you can do your banking from your phone.