A checking account is important when it comes to daily usage of money since such accounts allow you to withdraw money 24/7. There are hundreds of financial institutions that offer free checking accounts for eligible customers. It is easy to find a bank offering a checking account. For example, if I want to locate a free checking account without opening a deposit near me, I will just search from the web and several options will come up.
A free checking account means that you will not pay any money to get it. Many banks offer free checking accounts to attract as many customers as possible. If bank A is offering a free checking account while bank B is offering a checking account at a certain fee, then many people are likely going to consider bank A. Also, a bank account with no opening deposit is better if you want to receive a payment.
The banking system has changed a lot with the introduction of internet banking. Today, you can open a free online checking account with no opening deposit with various banks online without having to visit the bank physically. This helps you save a lot of time for other activities. Again, an online checking account is fast to open since you do not queue as it happens in the physical bank branches.
Who can open a bank account?
If you have never opened a bank account before, then you must be wondering how the process goes by. Well, for you to open a bank account, you should be an adult with an identification document. Furthermore, you need to have a Social Security Number. You will also need to provide other information such as a physical address, email address, and phone number.
Moreover, parents and guardians can open an account for their children to cater for education and other needs. When the children become adults, then you as a parent should let them take charge of their account.
Can foreigners open bank accounts?
Foreigners can open a bank account with no deposit required. However, getting a bank account is not easy. Since the terrorist attack on 11 September 2001 by al-Qaeda, the US government ensured that laws were passed to regulate the acquisition of bank accounts by foreigners. Banks and other financial institutions must scrutinize the applicants to ensure that they are good people.
As a foreigner, you need a passport, government ID from your country, or the alien identification number from a green card. Banks may also accept work visas and or student IDs. You also need a Social Security Number. If you do not have one, you can file the form W-7 with the IRS to get individual taxpayer identification number (ITIN).
Can I open a checking account for my business?
Yes. If you have a business, you can open a checking account whereby your customers can pay you via the account. Also, you can monitor your sales closely and determine whether you are making profits or losses.
Many banks offer business accounts even when you have a bad banking history. If you are wondering how to open a business checking account online no ChexSystems, then from now henceforth you can smile especially if you have a poor banking history since various banks offer second chance checking accounts.
What is ChexSystems?
ChexSystems operates like the credit bureaus in that it lists those people with bad banking history. The system lists only those people with bad banking history. If you have been banking and your name is not in the ChexSystems, then it means that you have been using your accounts well. On the other hand, credit bureaus keep records of both the good credit users as well as the bad ones. So you can have a bad credit history or a good credit history report.
You may be wondering how ChexSystems obtain information about your banking behaviors. When you utilize your account poorly, your bank reports your details to the ChexSystems. This makes it difficult to get an account in the future.
Can I get a credit card if I have a checking account?
If you have a checking account, you can easily get a credit card. A checking account is one of the basic requirements of getting a credit card. However, it depends on your account. If you have a second chance checking account, you may get a second chance credit card with no security deposit but with fewer benefits as compared to the traditional ones.
Second chance credit cards can also be termed as credit cards for bad credit history. Unsecured credit cards for bad credit have low credit limits and high-interest rates due to the risks associated with the cards. The cards are mainly to help you improve your credit scores. If you have some money, you can opt for a secured credit card that allows you to deposit some amount of money as security and borrow against it.
Which are the free checking accounts without opening deposits near me?
I am going to discuss the banks that operate in all the 52 states of America so that you can find a bank to open an account no matter where you are located.
1) Simple Checking Account
This bank operates under a virtual roof. It does not have a minimum opening deposit or minimum daily balance requirement. The account is free to use. It has features such as fee-free instant P2P transfers to other Simple Checking Account users, mobile check deposit, fee-free third-party transfers, and payments using apps such as Square and Venmo. The bank also has an app for both android and iPhone users where you can do mobile banking. Learn more
2) Chime Deposit Account
Chime is so popular among the American bankers. It does not have a minimum opening deposit. Again, it does not have a minimum daily balance. It is so nice to have such an account. However, it has no account opening bonus. Chime has a mobile app that supports both android and iOS.
You can comfortably do mobile banking right from your palm. With the account, you can have a fee-free P2P transfer, mobile check deposit, and fee-free electronic bill pay. Unfortunately, the bank does not offer overdraft protection, and any transaction beyond the available balance is immediately declined. Learn more
3) Aspiration Spend & Save Account
Open the account for free with no minimum deposit whatsoever. Furthermore, no minimum balance is required. You will be able to earn up to 1.00% APY on the Save account balance upon upgrading to Aspiration Plus. Furthermore, you will be able to access over 55,000 ATMs in the All point Network. ATM withdrawals are free.
Furthermore, you will earn up to 5% cash back at Conscience Coalition merchants. The Aspiration Plus will earn you up to 10% cash back and thus it is wise upgrading. You will earn a $100 bonus when you spend at least $1,000 in cumulative debit card transactions within 60 days of account opening. Learn more
4) BlueVine Business Checking
Even though the account has no opening bonus, it is worth opening since it does not require an opening deposit. Furthermore, the account has no monthly maintenance fee. Earn 1.00% APY on your account balance when you maintain a balance of $1,000 or more.
When you open the BlueVine Business Checking, you will get two checkbooks. There are no transaction limits or fees at in-network ATMs. The account supports mobile banking and has an app where you can carry out various transactions. Learn more
5) Azlo Business Banking
Get the free Azlo Business Banking account and enjoy the various benefits that come with the account. It does not have a minimum opening deposit nor ongoing balance requirement. However, the account has no opening bonus.
Interestingly, Azlo integrates with various third-party apps such as Stripe, Square, PayPal, QuickBooks Online, Xero, and Wave. It makes payments for goods and services very easy. Azlo has no hidden fees and instant money transfer may attract a small fee. Learn more
6) Betterment Checking
Upon opening the account, you will not pay any opening deposit. Also, the account does not demand any minimum daily balance. Although the account has no opening bonus, you will enjoy automatic ATM transaction fee reimbursements at Visa-accepting machines worldwide. Also, you will benefit from unlimited reimbursement of Visa for only 1% foreign transaction fee on all international transactions.
Betterment Checking does not charge overdraft fees. It has an automatic two-way cash sweep and a tap-to-pay debit card. The account also has a mobile app for both Android and iPhone smartphones. You can easily do mobile banking right from your palms. Learn more.
Bottom line
Checking accounts are crucial for our everyday lives. You need money now and then and thus you don’t have to walk around carrying large amounts of cash. With a checking account, you can get a credit or debit card. Accounts with no opening deposits, no minimum balances, and no monthly fees are the best since you do not incur a lot of costs when using them. Always use your account responsibly to avoid listing at ChexSytems.
