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.
According to a report released in 2021 by the San Francisco Office of Financial Empowerment, an estimated 80% of banks use ChexSystems. This means finding a good provider with an outstanding business checking product with no ChexSystems check isn’t easy.
However, here are six 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 highest interest returns and international payments
- Capital One†: Best for unlimited everyday transactions
- Mercury*: Best for tech companies, startups, and businesses needing additional Federal Deposit Insurance Corp. (FDIC) insurance
- Wells Fargo: Best for in-person banking and business products and services
- Oxygen*: Best digital-only provider for cash back on debit card purchases
*Providers are financial technology (fintech) platforms backed by and FDIC-insured through a supporting bank partnership. (Partnerships: Middlesex Federal Savings for Novo, Coastal Community Bank for Bluevine, Choice Financial Group and Evolve Bank & Trust for Mercury, and The Bancorp Bank for Oxygen). All other providers are FDIC-insured.
†The provider is geographically limited. Check Capital One’s geographic limitations to see if your business is in an area served by the provider.
Keep in mind that even if a bank or credit union doesn’t use ChexSystems, it may use other methods, such as Early Warning Services (EWS) and TeleCheck. It may also pull your credit report when you apply for an account.
Best Business Checking Accounts With No ChexSystems at a Glance
Account Name | Monthly Fee | Free Monthly Transactions | Annual Percentage Yield (APY) | Free Cash Deposit Limit | |
|---|---|---|---|---|---|
 | Business Checking | None | No limit | N/A | No fee; Cash deposited through money orders |
 | Business Checking | None | None | 2.0% on qualifying balances of $250k or less | $4.95 per deposit (Green Dot) |
 | Basic Business Checking | $15; waivable | No limit | N/A | $5,000 per month |
 | Business Checking | None | No limit | N/A | Cash deposits not accepted |
 | Initiate Business Checking | $10; waivable | 100 | N/A | $5,000 per month |
 | Business Checking | No limit | None | N/A | $4.95 per deposit (Green Dot) or via Plaid link |
Novo: Best Digital-only Bank for Rapid Access to Funds & Faster Payments
What We Like
- Refunds all ATM fees at month’s end
- No maintenance fees
- Novo Boost and Express ACH allow faster access to your funds
Drawbacks
- Unable to deposit cash directly
- Lack of savings accounts and lending products
- Non-interest 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 ACH payments
- Virtual debit card available immediately, one free physical debit card per user
- Paper checks can be sent straight from the app
- Live customer support from dedicated professionals
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Transfer 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 |
*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.
To further expedite the payment process, users can now connect Stripe, Square, or PayPal and get paid via card, Apple Pay, Google Pay, PayPal, or Venmo.
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 even 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 Highest Interest Returns & International Payments
What We Like
- Interest-earning checking on balances of $250,000 or less
- Integrates with QuickBooks
- Excellent line of credit product
Drawbacks
- No savings, money market, and CD accounts
- No physical branch locations
- Fee for depositing cash
Features
- No monthly maintenance fee
- No minimum balance requirement
- Free debit card and two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Has live customer support from dedicated professionals
- Offers line of credit
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Teller Cash Withdrawal Fee | None |
Domestic Wire Transfer Fees | $15 for outgoing, incoming are free |
International Wire Transfer Fees | $15 for outgoing, incoming are free |
ATM Fees | Free 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 | 2% on balances of up to $250,000, once qualifications are met |
*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 2.0% APY on balances up to $250,000 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 is also a great option if you’re looking for an online business checking account with no credit check.
You can also send international payments to 32 countries in 14 currencies with Bluevine in as fast as 24 hours. Check out Bluevine’s website for more information.
Capital One: Best for Unlimited Everyday Transactions
What We Like
- Unlimited transactions
- Easy ATM access
- Low or no monthly fee
Drawbacks
- Requires $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
- Free debit card
- Physical checks – cost based on type ordered
- Connect with business payment solutions
- 24/7 support by phone, or in-branch support during business hours
- Other products include lending products, credit cards, Unlimited Business Checking
| |
|---|---|
Required Opening Deposit | $250 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | Undisclosed |
Monthly Fees | $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 & Allpoint ATMs nationwide |
Cash Deposited | Up to $5,000 per month free, $1 for every $1,000 after that |
APY | N/A |
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 Use Capital One Business Basic Checking
Capital One offers an excellent banking product that is only limited by its geographic availability. It would contend for 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.
Despite the fact you cannot open an account online, we’ve included it on this list due to it being an outstanding traditional bank. It’s one of the few giants of American banking that doesn’t use ChexSystems.
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; see our roundup of the best Capital One business credit cards.
Mercury: Best for Tech Companies, Startups & Businesses That Want Additional FDIC Insurance
What We Like
- No monthly maintenance fees
- Physical and virtual debit cards
- Treasury product offers outstanding yield on balances over $250,000
Drawbacks
- Accounts unavailable to sole proprietorships and trusts
- Lacks paper check-writing abilities
- Limited lending options and no cash deposits
Features
- Earn interest with Mercury Treasury product if you have more than $250,000 in Mercury accounts and request Treasury
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrate accounts with QuickBooks and Xero accounting software
- Virtual debit cards available right away, with physical debit cards arriving in the mail in a few days
- Physical checks unavailable
- Business payment integrations with Shopify, Stripe, Zapier, Amazon, and PayPal
- Email customer service available
- Savings account provided when you open checking account
- Other products include Mercury Treasury, capital and venture debt, and credit card
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Monthly Fees | None |
Domestic Wire Transfer Fees | None |
International Wire Transfer Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
*Mercury is a business fintech platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Choice Financial Group and Evolve Bank & Trust. | |
When To Use Mercury Business Checking
Mercury, an online-only bank that doesn’t use ChexSystems, is geared toward startups and tech companies. Thanks to its new Mercury Vault product, it can provide your business with additional FDIC insurance—Mercury will use sweep accounts to help you insure your business funds for up to $5 million with the FDIC.
Its business checking and savings accounts are free, with no minimum deposit or balance requirements. If you sign up for an account, you can get a $300 cashback bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening. Mercury recently added a credit card product that offers 1.5% cash back and unlimited virtual cards.
It also provides a Treasury account, which you can request once you have $500,000 in your Mercury accounts. Money in the account can earn up to 5.43% APY, with rates changing weekly.
Mercury has a great perks page that allows you to advertise deals for your business through the Mercury homepage. Visit Mercury’s perks page for the list of deals.
Wells Fargo: Best for In-person Banking and Business Products & Services
What We Like
- Waivable monthly fees
- Strong branch presence with over 4,500 bank locations
- Access to more than 12,000 ATMs
Drawbacks
- 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 |
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 over 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.
Oxygen: Best Digital-only Provider for Cash Back on Debit Card Purchases
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
Drawbacks
- No free cash deposits
- Only one authorized user allowed per account
- No physical locations
Features
- Nationwide limited liability company (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
- Free Oxygen Visa Business Debit Card and an unlimited amount of virtual cards
- Integrations with QuickBooks, Xero, Plaid, and Gusto
- Customer service via a toll-free phone number, email, social media support, and online help articles
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | No fees incoming; outgoing unavailable |
International Wire Transfer Fees | N/A |
ATM Fees | None 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 |
*Oxygen is a business fintech platform backed by FDIC-insured The Bancorp Bank. | |
When To Use Oxygen Business Checking
If you’re looking for an online-only bank with no ChexSystems and a great cashback program on debit purchases, Oxygen is a great choice. It offers 5% cash back rewards on all debit card purchases. It is 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.
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 four steps below to resolve any outstanding issues.
Step 1: Request a copy of your report and dispute any errors. You can request a report on ChexSystems’ website once a year. You can also request it by mail. If there are errors, you can submit disputes on 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.
Step 4: Request that satisfied debts are removed. Once a debt has been paid off or settled, the financial institution must update your ChexSystems report. Request that it updates your record and verify that satisfied debt has been removed when checking your report annually.
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)
You can open a business bank account if you are on ChexSystems, but you will 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.
There are many banks that do not use ChexSystems—including Novo, Bluevine, Capital One, Oxygen, Mercury, and Wells Fargo.
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 is 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.
