Open a Bank Account Online with No Deposit and Bad Credit

In our digital world, having a bank account is no longer optional. In fact, it’s quickly becoming a necessity, especially as many stores no longer accept cash.

Opening a bank account isn’t a big deal for most people. But, it can be a different story for consumers with a negative banking history. For example, you could be denied a bank account if you’ve had too many bounced checks, unpaid fees, negative balances, overdrafts, or closed accounts in the past.

If you find yourself in this situation, don’t despair. Some banks and credit unions are willing to work with you. You just have to be more strategic about finding them.

10 Banks Accounts That Don’t Require a Deposit

In the past, most consumers opened checking accounts at banks or credit unions with physical locations. But this is no longer a requirement, and online banks offer many advantages over traditional banks.

Most online checking accounts come with no minimum balance requirements and no monthly maintenance fees. You may sacrifice some convenience, but it may be well worth it to find a better bank account.

Listed below are 10 bank accounts for bad credit that don’t require a minimum deposit. These banks were chosen because they offer better options for the average consumer.

5 Banks Accounts That Require a Small Deposit

These banks and credit unions will give you a checking or savings account even if you have poor credit. However, they do require a small minimum deposit to get started.

Do most banks require a credit check for bank accounts?

Most banks won’t run a credit check with one of the three major credit bureaus. However, they will check your ChexSystems report, which highlights your banking history.

Most of them are not interested in your credit score or credit card payment history. They’re more interested in seeing what your history is of working with other financial institutions.

ChexSystems covers things like writing bad checks, negative account balances, and unpaid account fees.

Reviewing Your ChexSystems Report

Just like a credit report, you are entitled to receive one free copy of your ChexSystems report each year. And if a bank or credit union turns you down based on information found in your report, you have a right to access that information.

It’s a good idea to check your ChexSystems report to look for any inaccuracies periodically. In addition, if you’re looking to open a checking account, you may want to check to see if you’re in their database.

If you find negative information on your report, you can dispute it or wait five years until it is permanently deleted. However, either way, you may need to explore other options for now.

Fortunately, there are some banks that don’t use ChexSystems and other bad credit checking accounts options. You can open a checking account with these banks even if you have a bad banking history.

Can I open a bank account with no money?

Yes, you can. Many banks and credit unions require a minimum deposit to open a basic checking or savings account. However, many of them don’t, including the ones we’ve listed above.

Additionally, some banks also offer accounts with no minimum balance requirements. This means you are not required to maintain a certain balance or make regular deposits to keep the account active.

Online banks often have lower minimum deposit requirements and may offer sign-up bonuses or other incentives for opening an account.

It’s also worth noting that even if you don’t have money to deposit when you open an account, you can still add funds to it later. You can use direct deposit, electronic transfer, or even deposit cash at the bank or through an ATM.

What to Look for When Choosing a Bank Account

Many people choose where they bank based on convenience. For example, if a particular bank has a branch located right down the street from you, you may choose to bank there. But that bank may or may not be in line with your financial goals.

You should always spend some time shopping around for the right checking or savings account. Here are a few factors you should consider:

• Fees: Banks make lots of money by charging customers fees. Some of the most common fees to watch out for are minimum balance fees, overdraft fees, ATM fees, and foreign transaction fees. If a bank charges fees, that doesn’t mean you should immediately rule out banking there. But you do want to know what fees a bank is charging because there are usually ways you can get around paying these fees.
• Interest rates: You should know what kind of interest rate your bank is paying you to do business with them. Keep in mind that these will change periodically depending on whether the Federal Reserve raises or lowers interest rates.
• ATM access: Consider the number and location of ATMs that are accessible with the account, as well as any fees associated with using out-of-network ATMs.
• Online and mobile banking: Look for a bank account that offers easy and secure online and mobile banking options, such as mobile check deposit and account management.
• Free debit card: Most checking accounts come with free debit cards. However, some banks and credit unions charge for them, or charge debit card replacement fees if you lose your card.
• Customer service: Consider the quality and availability of customer service, such as 24/7 phone support and online chat.
• Overdraft protection: Look for bank accounts that offer overdraft protection. This can help you avoid costly fees if you accidentally spend more money than you have in your checking account.
• Minimum deposit: Check if bank account has any minimum deposit requirement. Some bank accounts may have a low or no minimum deposit requirement, while others may require a higher amount.
• Sign-up bonus: Some banks offer sign-up bonus for opening account with them like cashback or discounts.
• Rewards program: Some bank accounts offer rewards programs, such as cash back on debit card purchases or discounts on certain products or services.
• Insurance: Check if the bank account comes with insurance coverage like FDIC insurance for banks or NCUA insurance for credit unions in case of bank failure.
• Security features: Look for a bank account with advanced security features like multi-factor authentication and biometric login.
• Ease of use: Consider the ease of use of the bank account, including the user interface of the bank’s website and mobile app. Also, consider the process for opening and managing the account.

Summary

If you have poor credit or a tarnished banking history, it doesn’t mean you can’t open a bank account. Many online banks will be willing to work with you.

Before making a final selection, know what kind of products and services you’re looking for in a bank or credit union, and do your homework. This will help you make a decision that’s in line with your financial goals and priorities.

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.