Banks That Don'T Do Credit Checks

10 Banks That Don’t Do Credit Checks

Having a low credit score does not mean you will be unable to open a bank account. Yes, it can take time to build up your credit and that process can feel restrictive. The good news is, you don’t have to worry about being blocked from opening a bank account, especially if you choose one of these 10 banks that don’t do credit checks.

1. BBVA

BBVA is one of the many international banks that don’t do credit checks.

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Pros:

What we really like about BBVA is that they are apart of the Allpoint ATM network. This means that if you withdraw money from an ATM in the Allpoint network you will not have to pay a surcharge, it will be completely free.

Other benefits of opening a BBVA bank account include: access to their top-tier mobile banking app, cash back rewards on both debit and credit cards, no monthly fees on their basic checking account and free personalized alerts.

Cons:

The thing we aren’t too happy about with BBVA is the high service fees. If you use an ATM that isn’t in the Allpoint network, you will be charged $3. Additionally, it’s $38 when you withdraw with insufficient funds and $15 to receive a wire transfer.

Also, you will be charged a monthly fee of $13.95 when you open a BBVA Second Chance Checking Account, however; you will be able to switch to a free account after one year of use.

Despite the high service fees, BBVA’s Second Chance Checking Account is one of the best no credit check bank accounts available today.

2. Axos

Axos Bank: Banks That Don'T Do Credit Checks
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Axos is famous for being one of the first fully digital banks to open in the United States. They are adamant on keeping their fees low which is why they top our list for banks that don’t do credit checks.

Pros:

Despite being fully digital, Axos has many options for banking, including a checking account, savings account as well as options for investing and loans, but today we are focusing on their Second Chance Checking Account.

Since Axos is strictly an online bank with no storefront, they don’t need to charge the exorbitant fees that big name banks do. This is great news for someone with credit troubles who is looking for the best online checking account for bad credit.

Customers also get unlimited ATM fee reimbursements due to the fact that there is no option to withdraw money directly from a physical branch.

Other things we like about Axos is: no service fees (overdraft, monthly or insufficient funds), unlimited check writing and 24/7 customer service.

Cons:

Some downsides to banking with Axos include: a monthly service fee of $8.95 per month, $50 minimum deposit, low APY rates (the Second Chance Checking Account provides no opportunities to collect interest) and no physical branches, so if you need to deposit a physical check or withdraw a large amount of cash, it might not be the best option for you.

3. First American Bank

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First American Bank‘s mottos is: “Big enough to do it all — small enough to care”.

They offer many different banking options including savings accounts, checking accounts, certificates of deposit and money market accounts, but today we are just focusing on their Fresh Start Checking Account for those on the hunt for banks that don’t do credit checks.

Pros:

What’s great about First American Bank’s Fresh Start Checking Account is that it does not require a minimum monthly balance in order to keep your account. You will also enjoy free eStatements, free check writing and a free Mastercard debit card.

Another great aspect of the First American Checking Accounts in general is that you get free withdrawals at any of their 55,000 partner ATMs across the country. You will rarely be stuck without a place to withdraw cash for free.

Unlike Axos, First American Bank has a physical location so if that’s important to you then this no credit check bank account might be your best option.

Cons:

Similar to the other banks that don’t do credit checks we’ve already listed, First American Bank provides a checking account for bad credit with a monthly fee of $9.95 per month, so it does not come free. They also require a $50 deposit in order to open the account.

It’s important to note that First American Bank does not provide any opportunities to collect interest in their Fresh Start Checking Account and are generally not known to have very high APY rates in their other checking and savings account options.

So if you open a Fresh Start Checking Account at First American Bank in hopes of getting better savings opportunities, you might want to look at other banks that don’t do credit checks.

4. Chime

Chime Bank: Banks That Don'T Do Credit Checks
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Like Axos, Chime does not have any physical locations and is a fully-digital bank.

Pros:

Chime does not use ChexSystems meaning it does not track or retain any information about issues you’ve had in the past with your bank accounts, including your low credit score.

This makes Chime a great option for those looking for banks that don’t do credit checks. They are completely off the grid.

Chime does not charge any monthly fees for their checking account. They also don’t require a minimum deposit or monthly balance.

One nice perk of the Chime checking account is that you will get the option to access your funds up to 2 days earlier than a regular bank would when you set up direct deposit.

Cons:

The disadvantages to banking with Chime include: $2.50 ATM fee (when you withdraw from a machine outside of their network) and no physical location, which might make depositing checks and withdrawing large amount of money difficult.

If you are looking for banks that don’t do credit checks (in the truest sense of the word), then look no further than Chime.

5. Aspire

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Aspire is a credit union and is considered to be a nonprofit organization, unlike a national bank which is “for-profit”. Credit unions tend to be more personal in their customer service approach and are independent from what we call the “big banking system”.

Aspire offers something called a Fresh Start Checking Account which is essentially a checking account for bad credit.

Pros:

The best thing about the Aspire Fresh Start Checking Account is that you do not have to pay a monthly fee.

You also will get free access to Aspire’s giant network of 70,000 ATMs which is a great convenience for those who withdraw a lot of cash.

Cons:

A few things that we don’t particularly like about this bank account is the fact you have to direct deposit your entire paycheck in order to be accepted.

It’s also a little tricky in general to get accepted as a client as you cannot have any previous fraud activity in your banking history.

Despite these two downsides, Aspire is still a great choice for people looking for banks that don’t do credit checks.

6. Peoples Bank

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Similar to First American Bank and BBVA, Peoples Bank is one of those banks that don’t do credit checks and offers a special account to customers who are looking for checking accounts for bad credit and need a fresh start.

Pros:

Some of the pros of opening a Second Chance Checking Account with Peoples Bank include: no monthly minimum balance, it’s easy to get approved, you get a free Mastercard debit card for your account and free access to their network of ATMs.

Cons:

Peoples Bank charges a lot in terms of services fees. Expect to pay $4.95 as a monthly fee, $30 as a minimum deposit to open the account, $27.50 if you go into overdraft, $20 for closing the account within 90 days and $2 if you use an ATM outside of their network. It’s a lot cheaper than BBVA, but it can still get pricey if you’re not careful with your banking activity.

Besides the service fees (which can be avoided if you monitor your spending), Peoples Bank is an excellent choice for those looking for banks that don’t do credit checks.

7. CIT Bank

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One important thing to note about CIT Bank is that it’s entirely online, similar to Axos and Chime.

Pros:

Online banks are known for providing a high APY rate (annual percentage yield) and CIT is no different. Their checking accounts have a maximum APY rate of 0.25% and their savings accounts go up to 0.40%.

You will also get full reimbursement of your ATM fees as CIT does not have a physical location to make withdrawals.

CIT Bank also does not charge a monthly fee for their checking account which is great news for anyone looking for a free second chance banking option.

Cons:

CIT Bank has one of the highest minimum deposit requirements at $100 and doesn’t have a physical location which could be a problem for people who need to deposit checks and withdraw cash.

Even though you need $100 to start, it might be worth not having to pay the high monthly fees you usually have to deal with at larger banks. CIT Bank is one of our top picks for banks that don’t do credit checks.

8. GoBank

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GoBank prides itself on being very connected to the physical world even though its operations are done entirely online.

Pros:

GoBank provides their customers with access to their huge network of ATMs. The first 4 withdrawals each month are free and the remainder are $3 per transaction. Not too bad when you think of how often we withdraw cash these days.

You can also deposit cash into your account at any of GoBanks “reload” stations. Stations could include local stores and businesses that accept cash and these locations can be found on the GoBank mobile app.

Another nice thing about GoBank is that you don’t have to pay the $2.95 sign up fee and $20 minimum deposit if you open your account online.

Their app is also pretty impressive with a section for making a budget, a money vault, a purchase decision maker and more.

As of right now, GoBank does not use Chexsystems, so your past banking history will not be available to them. This makes them a very good option for people looking for banks that don’t do credit checks and an online bank account for bad credit.

Cons:

GoBank does indeed have a monthly fee of $8.95, however; this fee is waived when you deposit $500 or more into your account each month.

There is a $5 fee is you lose your card and to deposit cash at one of their reload stations costs $4.95 each time you do it. But their checking account is still considered one of the best when it comes to banks that don’t do credit checks.

Compared to other digital banks, GoBank is definitely the most connected. So, if it’s important to you that you have options to make physical deposits, then GoBank might be a good option.

9. Wells Fargo

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Wells Fargo offers something called the Opportunity Checking Account which gives its users a second chance at having a regular bank account.

Pros:

One really great thing about opening an Opportunity Checking Account at Wells Fargo is that you are never far from a free cash withdrawal. They are one of the most popular banks in America and have branches in almost every state.

This checking account does have a monthly fee of $10, however; it can be waived if you deposit more that $500 into your account each month, hold at least $1500 as a minimum balance or make 10 debit transactions per month.

Wells Fargo also offers all the perks of a traditional checking account to the Opportunity Checking Account users like overdraft and in-person banking which may not be available with the cheaper online banks.

Cons:

The disadvantages to opening a Wells Fargo Opportunity Checking account is that if you do run into overdraft (it costs $35 to use overdraft) or don’t meet the requirements to waive the monthly fee, it can get pretty expensive.

You could try to avoid the fees, but that requires a certain amount of effort and time which you may not have to spare.

When it comes to banks that don’t do credit checks, Wells Fargo ranks pretty high! The only thing you need to watch out for is the monthly service fees.

10. LendingClub

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LendingClub, formerly known as Radius Bank, offers a second-chance checking account called the “Essential Checking Account” for people looking for online banks for bad credit.

Pros:

Similar to other banks we’ve already mentioned, LendingClub operates entirely online. This means that there are no physical locations, however; members receive unlimited ATM reimbursements. This sets LendingClub apart from other digital banks where there is a cap to how many reimbursements you can get each month.

LendingClub’s Essential Checking Account users will also receive a daily spending limit of $500 and a mobile check deposit limit of $1000 per day.

We should also mention that LendingClub does not charge for overdraft because they don’t allow overdraft in the first place. So, if having the option for overdraft is important to you then LendingClub might not be the best choice.

They also give all of their members access to their world class mobile app which allows for instant check deposits, e-transfers and bill payments.

Cons:

The biggest disadvantage to opening a second chance account at LendingClub is that you will have to pay a $9 monthly fee for the first 12 months. After 12 months of using the account, you will have the opportunity to switch to their free checking account which provides cash back rewards and a high APY rate (high compared to most of the checking accounts listed here).

LendingClub is also fully digital meaning there are no physical branches or tellers. This is not so bad when you consider their unlimited ATM fee reimbursement policy.

All in all, LendingClub is a great choice for anyone searching for banks that don’t do credit checks and remember, after 12 months you will be able to enjoy LendingClub’s regular account with high rewards and savings,.

Takeaways on: 10 Banks That Don’t Do Credit Checks

You came here wondering where to find banks that don’t do credit checks and we’ve shown you a good amount of options! Some of these banks are off the grid and operate entirely online while others are large financial institutions that have been around for decades.

Before making your decision, first consider what is most important to you as a customer. Low fees? Access to a physical branch? A high APY rate? Then, select your second chance bank account accordingly.

Keep in mind that most banks that don’t do credit checks or provide second chance bank accounts will allow their customers with low credit scores to switch over to a regular bank account (with no monthly fees) after a year or so of usage.

Having a low credit score does not mean you need to feel restricted in your banking options. Whether you choose a fully digital option, or a fresh start account at a larger institution, you are well on your way to getting your credit score back on track.

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