Mississippi Banks & Credit Unions That Don't Use ChexSystems

Applying for a bank account in Mississippi is not as hard as it seems. Even if you have records in ChexSystems, you can apply for another alternative. From online options to credit unions, there is a vast assortment for you to choose from.

ChexSystems is an agency that creates reports on the basis of a consumer's checking-and-savings-related accounting activities acquired from banks or credit unions. This information is further used by financial institutions to screen potential consumers and determine whether they are trustworthy enough for the institution to lend credibility to. ChexSystems works according to the Federal Fair-Credit Reporting Act (FCRA).

However, as mentioned earlier, certain banks either do not use or ignore consumers’ past credit reports and provide consumers with a second chance to maintain a checking account.

If you are looking for a non-ChexSystems bank, then here is a comprehensive list for you to choose from. It contains all the necessary information, as well as the official websites of each bank.

Acorns

Acorns doesn't use ChexSystems to evaluate consumers. They help consumers save, invest, and earn interest on their savings. They also offer an FDIC-protected online-checking account for up to $250K. Additionally, Acorns ensures that your account is well protected from fraud and any third party that might compromise your savings.

Key Statistics:

  • Monthly Fee: $1 per month
  • Location: Online
  • Minimum Deposit: None
  • Minimum Balance: None
  • Website: https://acorns.com/

Pros:

  • Acorns offer fee-reimbursed ATM withdrawals.
  • The Acorns Spend Debit Card automatically rounds up your purchases to the next dollar and invests the spare change for better savings.
  • Acorns has an easy-to-navigate interface.
  • Acorns offers digital direct deposit through its website and mobile application.
  • Acorns' website allows you to pay your bills automatically.

Cons:

  • Fees are relatively higher.
  • Acorns does not provide access to live advisors.
  • Fees are required to access your checking account.

SoFi

SoFi is another bank that doesn't rely on ChexSystems reports. It enables consumers to earn a 0.25% APY on balances $500+. Furthermore, consumers are provided with various membership benefits (e.g., career coaching and financial advising).

Key Statistics:

  • Monthly Fee: None
  • Location: Online
  • Minimum Deposit: None
  • Minimum Balance: None
  • Website: https://sofi.com/

Pros:

  • SoFi offers unlimited reimbursed ATM fees.
  • SoFi doesn't have any additional hidden banking fees.
  • SoFi offers cash bonuses.
  • Easy peer-to-peer transactions are free of cost.
  • Consumers can freeze their debit cards according to their requirements.

Cons:

  • SoFi does not offer tax-loss harvesting.
  • SoFi only uses market orders when making investments.
  • SoFi has no physical locations.
  • SoFi is available only for US citizens.

PNC

PNC acquired BBVA USA, which offers online-checking accounts to consumers without relying on ChexSystems reports. They also offer online bank accounts to consumers who have had bad credit scores in the past.

Key Statistics:

  • Monthly Fee: None
  • Location: Online, as well as physical locations in every US state (excluding Alaska and Hawaii)
  • Minimum Deposit: $25 minimum deposit to open the account (online only)
  • Minimum Balance: None
  • Website: https://pnc.com/

Pros:

  • PNC offers online-banking, bill-pay, and mobile-deposit features.
  • PNC offers cash-back awards on each purchase made with their debit card.
  • PNC doesn't require a minimum deposit fees if the consumer opens an account at a physical location.
  • PNC offers good service to consumers with bad credit scores.

Cons:

  • It is harder to open a stand-alone account.
  • Consumers need to be diligent to qualify for best interest rates or fee waivers.

Navy Federal Credit Union

Navy Federal is a credit union that allows consumers to open checking accounts. It doesn't rely on ChexSystems to evaluate consumers’ worthiness. Additionally, it offers special membership for members of the armed forces, coast guard, or national guard.

Key Statistics:

  • Monthly Fee: None (excluding flagship checking, which is $10)
  • Location: Online
  • Minimum Deposit: None
  • Minimum Balance: None

Pros:

  • Navy Federal offers free checking accounts without any credit checks.
  • Navy Federal offers free mobile deposits.
  • Navy Federal does not require monthly fees on most savings accounts.
  • Navy Federal offers fee-free ATM networks.

Cons:

  • Navy Federal has a small branch network.
  • Membership requirements are relatively strict.
  • Compared to other online banks, Navy Federal offers lower interest rates on savings.

Learn more about Navy Federal Credit Union

Renasant Bank

Renasant Bank is one of the most preferred banks across Mississippi, Alabama, Georgia, and Tennessee. It offers a wide variety of banking services to consumers (e.g., saving accounts, personal loans, digital banking, etc.).

Key Statistics:

  • Monthly Fee: $6-$10
  • Location: Mississippi, Alabama, Georgia, and Tennessee
  • Minimum Deposit: $50
  • Minimum Balance: None
  • Website: https://www.renasantbank.com/

Pros:

  • Renasant Bank offers various checking accounts with high-yield rates if consumers meet specific requirements.
  • Renasant Bank offers high-yield CDs.
  • Renasant Bank offers student checking accounts.
  • You can get regular updates on your account via the website.

Cons:

  • Renasant Bank offers low interest rates on savings accounts.
  • Renasant Bank has a limited number of branches.

Learn more about Renasant Bank

U.S. Bank

US Bank is one of the most trustworthy banks that doesn't rely on ChexSystems reports. It allows consumers to open checking accounts with no minimum deposit. Additionally, US Bank waives monthly fees for consumers age 65+.

Key Statistics:

  • Monthly Fee: $8.95 (free for account holders age 65+)
  • Location: Online and physical locations
  • Minimum Deposit: None
  • Minimum Balance: None

Pros:

  • US Bank offers highly secure saving accounts to consumers.
  • Consumers can easily opt for loans without having to provide any past credit reports.
  • US Bank offers accessible standard checking accounts.
  • US Bank is beneficial for consumers who want to improve their credit score.
  • There is a vast availability of ATMs and physical branches throughout the country.

Cons:

  • The interest rates are not competitive.
  • US Bank requires a minimum balance to avoid monthly fees.

Learn more about U.S. Bank

SunTrust Bank

SunTrust is another Second-Chance bank that allows consumers to open checking and savings accounts. Additionally, it offers online-banking services, direct deposit, mobile banking, and more.

Key Statistics:

  • Monthly Fee: $7 maintenance-service charge
  • Location: Online and physical locations
  • Minimum Deposit: $100
  • Minimum Balance: None

Pros:

  • SunTrust has a large number of physical locations and broad ATM access.
  • SunTrust offers smooth personal payments.
  • Consumers can quickly check their balances via the mobile application or the official website.

Cons:

  • SunTrust charges monthly maintenance fees.
  • SunTrust charges high service fees.
  • SunTrust offers a low APY, as compared to other online banks.
  • SunTrust does not offer a free checking option.

Learn more about SunTrust Bank

Varo

Varo is a credit union that doesn't check consumers’ ChexSystems reports. They offer exceptionally low service fees. Since they don’t use ChexSystems reports to evaluate consumers’ worthiness, they are an excellent solution for consumers who want to improve their credit scores.

Key Statistics:

Pros:

  • Varo offers relatively higher APY on savings, with a significantly higher rate if consumer can meet the requirements.
  • Varo offers excellent customer service.

Cons:

  • High-yield saving accounts are only available to consumers with checking accounts.
  • Varo has a lack of physical branches, and consumers can access their accounts online only.

Conclusion

This concludes the Top Banks in Mississippi that don't use ChexSystems to evaluate their consumers. If you have a bad credit score, then you can opt for any of these banks to open your new account. Additionally, by opening your account with any of these banks, you will have a second chance to improve your credit score. However, once you open your new account, don't forget to maintain it properly, or it might negatively impact your credit score again!

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