Where To Open a Business Checking Account Online With No ChexSystems
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.
Monthly Fee | Transaction Fee | Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|---|---|
 Business Checking | None | None | N/A | None; cash is deposited through money orders | Refunds all ATM fees | None |
 Business Checking | None | None | 1.50% on qualifying balances $100,000 or less | $4.95 per deposit (Green Dot locations) | None at MoneyPass ATM locations nationwide) | None |
 Basic Business Checking | $15 (waivable) | Unlimited free transactions | N/A | Free up to $5,000 per month, $1 for every $1,000 after | None at Capital One, MoneyPass & Allpoint ATMs | $250 |
 Business Checking | None | None | N/A | $4.95 per deposit (Green Dot locations); Also through Plaid link to bank | None at Allpoint ATMs; $3 or $5 out-of-network | None |
 Initiate Business Checking | $10 (waivable) | 100 per month free, then 50 cents each | N/A | Up to $5,000 per month free, then 30 cents per $100 after | $2.50 out of network; free in network | $25 |
Novo: Best Digital-only Bank for Rapid Access to Funds & Faster Payments
Novo
What We Like
- Zero maintenance fees
- Refunds all ATM fees
- Novo Boost and Express ACH allow faster access to your funds
What's Missing
- Unable to deposit cash directly
- Lack of savings accounts and lending products
- Noninterest drawing account
Features
- Integrates with other business tools, such as QuickBooks, Slack, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
- Novo Boost in coordination with Stripe allows you to access funds faster
- Express ACH lets you accept or receive same-day automated clearing house (ACH) payments
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Automated Clearing House (ACH) Fees | None |
Monthly Fee | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Fees | Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | All fees refunded at the end of the month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
Open an Account | |
*Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. | |
| |
|---|---|
Debit Card | Virtual debit card available immediately, one free physical debit card per user |
Physical Checks | Paper checks can be sent straight from the app |
Accounting Software Integrations | QuickBooks and Xero |
Business Payment Integrations | Includes Stripe, Square, PayPal, Wise, and Shopify |
Customer Service | Live customer support from dedicated professionals |
Invoicing Products | Free unlimited invoicing |
Other Products Available | Novo Boost and Express ACH available; no lending products |
Open an Account | |
*Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. | |
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
Bluevine
What We Like
- No monthly fee
- No transaction fees
- High interest rate for qualified account holders
What's Missing
- Fee for depositing cash
- No other business deposit accounts
- Only one debit card is issued per account
Features
- Free debit card, mailed within 10 business days of application approval
- Two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Live customer support from dedicated professionals
- Line of credit also available
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Automated Clearing House (ACH) Fees | None |
Monthly Fee | None |
Domestic Wire Transfer Fees | $15 for outgoing, incoming are free |
International Wire Fees | $15 for outgoing, incoming are free |
ATM Fees | None at MoneyPass locations nationally; $2.50 plus operator fees for non-network ATM use |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | 1.50% on balances of up to $100,000, once qualifications are met |
Open an Account | |
*Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
| |
|---|---|
Debit Card | Free debit card, mailed within 10 business days of application approval |
Physical Checks | Two free checkbook orders per year |
Accounting Software Integrations | QuickBooks and Xero |
Business Payment Integrations | Includes Stripe, PayPal, and Expensify |
Customer Service | Live customer support from dedicated professionals |
Invoicing Products | N/A |
Other Products Available | Line of credit |
Open an Account | |
*Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
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
What We Like
- Unlimited transactions
- Easy ATM access
- Low or no monthly fee
What's Missing
- Requires a $250 opening deposit
- Account opening cannot be done online
- Account doesn’t earn interest
Features
- Pay bills, track accounts, transfer funds, and deposit checks with the mobile app
- Integrates with Xero and other top accounting software
- Free overdraft protection when linked to another small business deposit account
| |
|---|---|
Required Opening Deposit | $250 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Monthly Fee | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | $25 per outgoing wire, $15 for incoming wire |
International Wire Fees | $40 per outgoing wire, $15 for incoming wire |
ATM Fees | Free at more than 70,000 Capital One, MoneyPass, and Allpoint ATMs nationwide |
Cash Deposited | Up to $5,000 per month free, $1 for every $1,000 after that |
APY | N/A |
Open an Account |
| |
|---|---|
Debit Card | Free |
Physical Checks | Cost varies depending on the type of checks ordered |
Accounting Software Integrations | Xero and other top accounting software |
Business Payment Integrations | Connects with business payment solutions |
Customer Service | 24/7 support by phone, or in branch locations during business hours |
Invoicing Products | N/A |
Other Products Available | Lending products, credit cards, Unlimited Business Checking |
Open an Account |
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
Oxygen
What We Like
- Rare fintech that offers both personal and business banking
- No monthly fees or transaction fees
- Single-use virtual cards available for online shopping provide extra security
What's Missing
- No free cash deposits
- Only one authorized user allowed per account
- No physical locations
Features
- Nationwide LLC creation available through the Oxygen App
- 5% cash back rewards on everyday purchases with your debit card
- Ability to create single-use virtual cards to keep your business bank account secure
- Business savings product available with 1% APY on balances up to $20,000
- Multiple personal checking accounts available
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
Monthly Fee | None |
Domestic Wire Transfer Fees | No fees incoming; outgoing unavailable |
International Wire Fees | N/A |
ATM Fees | Free at Allpoint ATMs; $3 out-of-network domestically; $5 out-of-network internationally |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations; can also deposit through link to external bank via Plaid |
APY | N/A |
Open an Account | |
*Oxygen is a business fintech platform backed by FDIC-insured The Bancorp Bank. | |
| |
|---|---|
Debit Card | Free Oxygen Visa Business Debit Card; unlimited number of virtual cards, including single-use cards for online purchases |
Physical Checks | No physical checks; individual preauthorized checks can be sent through the mobile app to US customers |
Accounting Software Integrations | QuickBooks, Xero, and Plaid |
Business Payment Integrations | Includes Stripe, Square, and PayPal |
Payroll Service | Gusto |
Customer Service | Toll-free phone number, email, social media support and online help articles |
Invoicing Products | N/A |
Open an Account | |
*Oxygen is a business fintech platform backed by FDIC-insured The Bancorp Bank. | |
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
Wells Fargo
What We Like
- Waivable monthly fees
- Strong branch presence with over 4,500 bank locations
- Access to more than 12,000 ATMs
What's Missing
- Requires a minimum opening deposit of $25
- Only 100 free transactions for basic Initiate account
- Charges monthly fees
Features
- Free debit card
- Customized cards and checks
- Deposit checks, pay bills, and view balances through the mobile app
- Online and mobile banking
- Earn interest with a Navigate Business Checking account
- Fraud protection controls
- Features merchant services, including point-of-sale (POS) solutions
| |
|---|---|
Required Opening Deposit | $25 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 100, then 50 cents per transaction thereafter |
ACH Fees | None |
Monthly Fee | $10; waivable with $500 daily balance or $1,000 average daily ledger balance |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: $30 |
International Wire Fees | Incoming: $16 Outgoing: $45 |
ATM Fees | Free at 12,000-plus ATMs nationwide; $2.50 per transaction out-of-network |
Cash Deposited | Up to $5,000 free per month, then 30 cents per $100 per statement cycle |
APY | N/A |
Open an Account |
| |
|---|---|
Debit Card | Free debit card |
Physical Checks | Price depends on check quantity, style, and design |
Accounting Software Integrations | RUN Powered by ADP |
Business Payment Integrations | POS: Clover Mini, Clover Flex, Clover Go, Clover Apps, Clover |
Customer Service | Hotline: (800) 225-5935 Mondays to Saturdays, 7 a.m. to 11 p.m. Eastern time Sundays, 9 a.m. to 10 p.m. ET |
Invoicing Products | Ecommerce and virtual terminal/digital invoicing: Authorize.net |
Other Products Available | Business savings, certificates of deposit (CDs) lending, credit cards, and merchant services |
Open an Account |
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.
Bottom Line
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.
