ChexSystems could be a challenge for some people. The banking agency collects and stores data about your financial and banking struggles, problems, and issues with most types of accounts (e.g., checking accounts). The report includes lots of data (e.g., involuntary account closures, unpaid negative balances, and overdrafts). Using the ATM too often is also considered to be negative. The agency stores all this data and makes it available to all banks and credit unions. They can use it to figure out whether you are eligible for a new savings or checking account. This is no problem for some people, but it can cause lots of issues for people who have struggled financially in the past.
Luckily, some banks in Arkansas avoid this agency, and your financial past will not affect their decisions.
Below are the best banks that don’t use ChexSystems in Arkansas.
Your previous banking history is irrelevant with Chime. They offer a credit card, debit card, and top-notch app, without the need for a credit check. This account has no monthly fees, overdraft fees, or maintenance taxes.
The Bottom Line: Chime is a top-notch solution for those with past financial problems. Chime’s credit card is known as a “credit-score builder.” There are no fees, and you can even get your paycheck a couple of days earlier if you are paid via direct deposit. Overall, Chime’s requirements are extremely minimal and clearly outweighed by the benefits.
Current is a fintech, and not an actual bank. It is a modern banking institution. However, it doesn’t rely on ChexSystems, and it comes with a bunch of benefits for the average individual.
The Bottom Line: Current will never charge you overdraft fees. Your debit card will have no minimum-balance requirements. There are many types of accounts you can choose from, and registration takes only minutes. Fees are low and transparent. Overall, Current only charges for international use of the card, and premium accounts. It allows fast payments—and even supplies access to a teen account!
You need less than 10 minutes to open an account with Sable. You can get a debit card and a credit card without going through a ChexSystems verification. Sable charges none of the most common fees out there; plus, there are no minimum-deposit requirements.
The Bottom Line: Sable allows you to get a secured credit card and build your score within a few months, which is much faster than traditional banks. You will get cashback on some of the most popular brands. Overall, with the ability to send international payments, and the multilingual customer support, Sable is one of the best banks that don’t use ChexSystems in Arkansas.
Any of the above-mentioned options are a good place to start, but the list is even longer than that!
Here are some other great options for banks that don’t use ChexSystems in Arkansas:
In conclusion, you can overcome the limitations associated with financial mistakes and bad decisions in the past. It happens to everyone. The above-mentioned banks will give you the opportunity to start fresh.