If you are the type of individual who has had financial problems in the past, then you don’t need anyone to tell you how difficult it can be to dig yourself out and get back on track. Such problems tend to snowball. Whether it begins with constant insufficient funds or excessive overdraft fees, once the problems start piling up, the situation usually only gets bigger even faster.
As if this isn’t bad enough, once you start registering on ChexSystems, no financial institution will want to touch you. How are you supposed to pull yourself out of debt and get back on track if you can’t even pay the debts you have? Given that negative reports can remain on ChexSystems for five years or more, you might even find yourself unable to secure an account.
Therefore, it becomes necessary to do business with financial institutions that don’t use ChexSystems, and if you are in Michigan, then you are in luck because there are several available for you to choose from. It’s just a matter of knowing which one to choose, why you should choose them, and what kinds of finance options they offer.
Chime is a staunch believer that a checking account shouldn’t cost consumers a penny since they will benefit from holding your funds. Therefore, they are willing to offer consumers a variety of financial options without charging them a dime.
Not only do they offer free spending accounts with no monthly fees, but a bad credit score isn’t a deal-breaker. It doesn’t even matter what your credit score is; you’ll still be guaranteed access to a variety of the institute’s financial options.
Chime is such a strong believer that consumers should be granted fee banking that they don’t charge any monthly maintenance fees, foreign-transaction fees, minimum-balance fees, or overdraft fees. The institution even gives consumers $200 upfront just in case they do overdraft.
While all this is nice, the most impressive thing that Chime offers is the Chime Credit-Builder Visa Card. With it, you can build your credit and reputation back up, while going about your normal billing.
Everyone finds themselves short on funds from time to time. This is exactly how most people get into debt in the first place. Fortunately, Chime also has an option for that. With its two-day payday loan, you can get your paychecks direct deposited two days earlier than normal.
Finally, you can stop by any one of your local Walgreens and make quick cash deposits for free.
Chime Benefits:
Chime Account Options:
Another financial institution available in Michigan with a load of financial options that skips right over ChexSystems is Current. While they are more of a financial-technology company, as opposed to a banking institution, they still offer a wide variety of banking options.
Current also believes in free banking for all, so much so that consumers don’t need to worry about any hidden fees, weekend fees, minimum-balance fees, or foreign fees. Like Chime, they also offer overdraft protection, but it only goes up to $100. That said, Current helps you grow faster than other banks. When you swipe your card at participating merchants, you’ll earn points that can later be redeemed for cold, hard cash.
What’s even more impressive is the ability to grow your savings. With access to the institution's Savings Pods, consumers stand to earn 40X the national average at 0.07%. The more money you put in, the more you will earn!
Current Benefits:
Current Account Options:
Sable offers a lot of the same popular financing options that you’ll find at the two institutions listed above. However, the area they really pride themselves on is speed. They are said to be the world’s fastest, most premium road to financial freedom. Setting up your account and getting started only takes about five minutes. There is no need to worry about hidden, foreign, or maintenance fees. After four months of banking, you’ll be granted access to an unsecured credit card, which is 3X faster than traditional banking options.
Furthermore, not only does Sable skip ChexSystems altogether, but it completely bypasses the social-security system. You don’t need a United States credit history to sign up and get started.
With access to send and receive funds to 55+ countries, along with multilingual customer support, you’ll have access to one of the world’s largest financial institutions. When using your Sable credit card with select vendors, you can earn as much as 2% cashback.
Along with a 98% approval rating, it is a near guarantee for anyone to sign up and start building their credit.
However, while they do offer access to quite a few nice features, you can’t make check deposits, and there is no ATM access. These things could be dealbreakers for some individuals.
Sable Benefits:
Sable Account Options:
Copoco Community Credit Union certainly isn’t as attractive as the first three options, but it is nonetheless a viable banking option that doesn’t use ChexSystems. Instead, they use what is known as TeleCheck. Additionally, all members will be charged a $2 monthly fee for having less than $300 in their account. If you want to avoid such fees, you’ll need to maintain a minimum balance of $300.
Despite this, Copoco Community Credit Union provides excellent customer service to members of the armed forces. If you are an active or former member of service, then you’ll be granted access to lower interest rates.
Finally, with access to free Powerline Audio Tellers, as well as online banking, you can ensure that all your debts will be handled properly and on time.
Copoco Community Credit Union Benefits:
Copoco Community Credit Union Account Options:
Personal checking, savings and business accounts
Learn more about COPOCO Community Credit Union
With no minimum-balance fees and limitless, fee-free monthly check-writing, Community First Federal Credit Union allows you to handle all your financial affairs swiftly and promptly.
Unfortunately, interested members will need to go through a credit check to sign up. However, if the check goes well, then it doesn’t matter what ChexSystems has on your record. After providing your ID during the initial sign-up process, you’ll be guaranteed a fully active financial account.
Members that maintain a daily balance of $1K or over will be granted special dividends. These dividends can then be compounded monthly and credited back into your account. Simply put, you’ll be granted special interest for every month that your account contains $1K or more. It might not seem like a lot initially, but such dividends can compound nicely at the end of a long month.
With Community First Federal Credit Union’s real-time updates, you’ll stay ahead of your accounts and/or creditors. You’ll always know what’s going on in real-time.
Use Community First Federal Credit Union’s official website to locate nearby ATMs and branches or download the app and always stay connected on your smart device.
Community First Federal Credit Union Benefits:
Community First Federal Credit Union Account Options:
Learn more about Community First Federal Credit Union
With the current shape of the economy, it is easy to understand how people are getting in over their heads financially. Combine this with the desire to own something big (e.g., a house or a car), and you must go into debt for it, which makes the situation even more frustrating.
With all that in mind, no one should have to fight against the financial institutions that are supposed to be there to provide for them. However, that’s what it’ll seem like if you end up on ChexSystems.
It is virtually impossible to handle even the most minor financial affairs today without proper banking or checking accounts. Luckily, there are still options available in the form of financial institutions that are more than willing to reward you for doing business with them. When you choose one of the financial institutions listed above, you can compound your interest, save money on purchases, and earn reward points for doing business with applicable companies.
Don’t let debt control your life anymore. Use the money that you are going to spend anyway to reap the biggest benefits when banking with the right institutions!