This article is part of a larger series on Business Banking.
Negative items on personal ChexSystems reports can stop you from opening a business checking account. Even if you plan on resolving the items, you may need to find an institution without ChexSystems as some items can take up to five years to fall off.
With an estimated 80% of banks using ChexSystems, finding a good provider with an outstanding business checking product with no ChexSystems check isn’t easy. However, here are five institutions that don’t use ChexSystems, with links directly to the provider:
- Novo*: Best digital-only bank for rapid access to funds and faster payments
- Bluevine*: Best for earning interest on deposits
- Capital One: Best for unlimited everyday transactions
- Oxygen*: Best digital-only provider for cash back on debit card purchases
- Wells Fargo: Best for in-person banking and business products and services
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership. (Partnerships: Middlesex Federal Savings for Novo, Coastal Community Bank for Bluevine, and The Bancorp Bank for Oxygen)
Keep in mind that even if a bank or credit union doesn’t use ChexSystems, it may use other methods, like Early Warning Services (EWS) and TeleCheck or pull your credit report when you apply for an account.
Annual Percentage Yield (APY)
Cash Deposit Fee
Minimum Opening Deposit
None; cash is deposited through money orders
Refunds all ATM fees
1.50% on qualifying balances $100,000 or less
$4.95 per deposit (Green Dot locations)
None at MoneyPass ATM locations nationwide)
Basic Business Checking
Unlimited free transactions
Free up to $5,000 per month, $1 for every $1,000 after
None at Capital One, MoneyPass & Allpoint ATMs
$4.95 per deposit (Green Dot locations); Also through Plaid link to bank
None at Allpoint ATMs; $3 or $5 out-of-network
Initiate Business Checking
100 per month free, then 50 cents each
Up to $5,000 per month free, then 30 cents per $100 after
$2.50 out of network; free in network
Novo: Best Digital-only Bank for Rapid Access to Funds & Faster Payments
When To Use Novo Business Checking
Thanks to its Novo Boost and Express ACH offerings, Novo is our choice for the best online business checking account with no ChexSystems. It provides you with faster access to funds and same-day ACH payments. If you accept payments from Stripe, Novo Boost lets you receive payments sent from your Stripe account faster than other providers.
In addition, Novo offers Express ACH, which enables you to accept or send same-day ACH payments. The combination of Novo Boost and Express ACH gives you access to your money faster than other digital-only providers.
It offers up to 10 reserve accounts, unlimited invoicing, and great software integrations with accounting and payment software. You cannot order checks, but paper checks can be sent from the app. One drawback is that Novo lacks lending products.
Bluevine: Best for Earning Interest on Deposits
When To Use Bluevine Business Checking
If you want a digital-only bank that allows you to earn interest on your business checking, Bluevine is a great choice. You can earn 1.5% APY on balances up to $100,000 if you meet one of two qualifying criteria:
- Spend $500 or more a month with Bluevine Business Debit Mastercard issued by Coastal Community Bank.
- Receive $2,500 per month in customer payments into your account via ACH, wire transfer, mobile check deposit, or a merchant payment processing provider.
It charges no monthly fees or transaction fees, lacks a minimum opening deposit or minimum balance requirement, and is one of our best small business checking accounts. It’s also a great option if you’re looking for an online business checking account with no credit check.
Capital One: Best for Unlimited Everyday Transactions
Capital One geographic limitations:
Capital One currently requires that you visit a branch to complete an application to open a business checking account. There are branches in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C.
When To Choose Capital One Business Basic Checking
Capital One offers an excellent banking product that is only limited by its geographic availability. It would contend for the best overall if it were available nationwide. Also, you must open an account in a branch, and those are limited to just six states and the District of Columbia. If you’re located in one of those areas and want a physical bank that doesn’t use ChexSystems, it’s a great choice.
One advantage it has over other brick-and-mortar banks on this list is it doesn’t charge fees for everyday account transactions. You get unlimited deposits, withdrawals, and transfers—excluding international wires, cashier’s checks, and other services. If your business makes a lot of cash deposits, you will have to pay $1 for every $1,000 after depositing $5,000 in a month.
The monthly fee of $15 is easily waivable. You need a 30- or 90-day balance average of $2,000 to waive the fee. For businesses with higher balances, Capital One offers Unlimited Business Checking. It also has lending products and business credit cards.
Oxygen: Best Digital-only Provider For Cash Back on Debit Card Purchases
When To Use Oxygen
If you’re looking for an online-only bank with no ChexSystems and a great cash back program on debit purchases, Oxygen is a great choice. It offers 5% cash back rewards on all debit card purchases. It’s geared toward freelancers and creatives, among other small businesses, and is one of the few fintechs that provides personal and business banking options.
In addition, it targets business owners who may be looking to incorporate their businesses. It offers nationwide LLC creation in the Oxygen app powered by CorpNet, Inc. There are fees involved, which is one of the few services with a fee.
It also has a business bank account with no monthly fees, minimum balance requirements, and transaction limits. You can also open a business savings account, which earns 1% APY on balances up to $20,000.
Wells Fargo: Best for In-person Banking and Business Products & Services
When To Use Wells Fargo Business Checking
For businesses looking for another option for a brick-and-mortar bank that doesn’t use ChexSystems, Wells Fargo is a great choice. It offers three different business checking products, two of which come with waivable monthly fees. These accounts can scale along with your growing business.
For businesses needing in-person access to banking or regular cash withdrawals, Wells Fargo has more than 4,500 locations and more than 12,000 ATMs. It also offers great business support products, including software integrations, payroll services with RUN Powered by ADP, eCommerce, virtual terminal, and digital invoicing through Authorize.net. The company also offers POS services through Clover.
How To Recover From a Negative ChexSystems Report
If you have negative items on your ChexSystems report, you should try to get those resolved even if you decide to use an institution that doesn’t use ChexSystems. Check out our guide on how ChexSystems can impact your business, and follow the three steps below to resolve any outstanding issues.
Step 1: Request a copy of your report and dispute any errors. You can request a report from the ChexSystems website once a year. You can request it through the website or by mail. You can also dispute any errors directly from the ChexSystems website.
Step 2: Pay any debts. Once you have disputed any errors, pay any outstanding debts. If you cannot pay them off completely, set up payment plans to get them paid off.
Step 3: Verify that satisfied debts and errors are removed. Check your report annually to make sure paid debts and reported errors were removed from your report.
Once your ChexSystems issues are resolved, follow our guide on how to open a business bank account to help you through the process.
Frequently Asked Questions (FAQs)
Can I open a business bank account if I am on ChexSystems?
You can open a business bank account if you’re on ChexSystems, but you’ll have to find a bank that doesn’t use ChexSystems. The better option is to resolve any outstanding issues on your ChexSystems report to limit the impact ChexSystems can have on your business.
Which banks don’t use ChexSystems for business accounts?
There are many banks that don’t use ChexSystems—including Novo, Bluevine, Capital One, Oxygen, and Wells Fargo.
What to do if declined for a business bank account because of ChexSystems?
While you could find a bank that doesn’t use ChexSystems to open an account, the best plan of action is to follow these steps to resolve any issues and limit the impact ChexSystems can have on your business:
- Request a copy of your ChexSystems report from the company’s website.
- Dispute any errors on the report.
- Pay any debts or set up payment plans.
- Review the report annually to make sure the negative reports fall off your report.
Many banks offer business checking accounts that don’t require you to have a ChexSystems report run before it’s opened. However, those banks will often use other checks to verify their customers and the risk of opening an account. They may soft pull your credit or use other services such as EWS and TeleCheck. Be sure to check your ChexSystems report regularly so that you can take care of any issues before you need to open any new accounts.