Online Business Checking Account No Credit Check Requirements: Here Are the 4 Best Options to Consider

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Try the best business bank account online without credit checks today.
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Updated on:
January 19, 2023
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If you’ve been denied a business checking account in the past, you know how difficult it can be to find a bank that will work with you. Without a way to accept payments or manage your finances, your business may struggle to function.

There's a solution, however – plenty of online business checking accounts don't use ChexSystems credit checks.

ChexSystems is a consumer reporting agency that collects information on consumers who have misused their checking and savings accounts. This includes items like writing bad checks, having an account closed for cause, or having excessive overdrafts. It's an overview of your personal banking history.

If you have a blemish on your ChexSystems report, it can be very difficult to open a new business checking account

Fortunately, there are a few online business checking accounts with no credit check requirements.

Note: Open a business account online today with Bonsai Cash. Our business bank account is guaranteed for approval and does not run a credit report. Not to mention there are no hidden fees or opening deposit requirements. Click here to try a free business checking account today.

The Best Business Checking Accounts Online Without A Credit Check

Second chance checking accounts are more available in the consumer space. For instance, although Chime does not offer business checking accounts, they do have a second chance personal bank account with no ChexSystem. Regardless whether or not a bank uses a ChexSystem report, they may usually check your credit score in order to open a business checking account online.

Luckily, there are places online to open a business account without running a credit report. 

Whether you’ve been burned by bounced checks or mismanaging a previous business checking account, these checking accounts can give you a shot at starting fresh with your finances:

  1. Bonsai Cash
  2. BlueVine
  3. Novo

Bonsai Cash  - The Best Business Bank Account

Business checking accounts are often equated with high fees – and for the most part, this is true. As a small business owner, you often have to pay fees for things like account maintenance, wire transfers, and even deposited checks.

Bonsai Cash was designed to eliminate those fees and help small business owners save money. With no monthly maintenance fees, no minimum balance requirements, and no transaction costs, you can keep more of your hard-earned cash in your pocket.

The business checking account gives you complete control over your business finances. With the Envelopes feature, you can save money more efficiently and ensure your business runs smoothly. It allows you have one business account with sub-accounts to better organize your finances.

You can set aside funds for specific purposes such as salaries, business expenses, and taxes. Bonsai automates the process of adding funds into these envelopes. For instance, if you’re saving for tax payments and business expenses, you can set your account to send 20% of all incoming funds to the “tax payments” envelope, and the remaining 80% to the “business expenses” envelope.

Bonsai Cash doesn’t run any credit checks, and opening an account with them only takes a few minutes. You only have to provide a few details about you and your business, and you’ll be ready to go.

Click here to open a new bank account online. No minimum balance requirement or hidden fees.

BlueVine Business Checking Account

BlueVine is a bank that caters to small businesses, providing basic banking services such as online checking, transfers, and ATM access.

The online bank offers one of the most competitive APYs for business checking accounts, at 1.5% interest up to $100,000. To earn this interest, you must use your BlueVine Business Debit card to make $500 monthly purchases or receive $2,500 monthly payments into your account via wire transfers, ACH, or mobile deposits.

Since BlueVine is an online bank for small businesses, they are focused on lowering costs and simplifying the banking process. So you can count on free, easy online access to their checking accounts with no monthly service charge – plus other great features such as invoice factoring, loans, and flexible business payments. This makes them a one-stop-shop for all your small business needs.

That said, BlueVine doesn't run credit checks for a Limited Liability Company (LLC) or corporations. The bank, however, runs credit history checks for business entities such as sole proprietorships and partnerships.

Novo Business Bank Account

Novo Bank is a newer online bank, but it is quickly making a name for itself in the business world. Novo Bank offers a business checking account with no credit check, no monthly fees, and no minimum balance requirements.

The bank's online platform is user-friendly and intuitive, and you can set up an account within minutes. Once your account is open, you'll have access to features such as online bill pay, ACH transfers, and mobile check deposits.

Novo is compatible with several popular online applications used by tech-savvy businesses. The platform integrates with Xero accounting, Stripe, Shopify, and Quickbooks, among other platforms. It also sends Slack alerts and enables international money transfers via TransferWise.

That said, Novo banking is designed to be customer-centric: Apart from integrations with several business tools, Novo offers additional financial planning and budgeting solutions to help small business owners save money and time.

For instance, the banking platform offers Novo Reserves, a service that allows you to set aside money for particular reasons, such as taxes, payroll, and other costs. You can establish up to five Reserves in your account, each of which can be used for several different budgets and objectives.

NorthOne Banking

NorthOne provides fee-free transactions across several different channels, including payments, deposits, transfers, and debit card usage. The banking platform doesn't charge for ACH payments or have fees for non-sufficient funds or overdrafts.

You can use your debit card to withdraw cash for free at any Mastercard Cirrus or MoneyPass ATM in the United States, as long as you have a NorthOne credit/debit card. Note that the operator of each individual ATM may, however, charge a fee.

You can also link your account to as many third-party applications as you like with NorthOne business banking. NorthOne connects with a variety of enterprise tools, including QuickBooks, Wave, Expensify, Shopify, and FreshBooks. Thanks to these integrations, you can synchronize transaction details and receipts, collect payments, and view invoices, among other things.

NorthOne offers an easy-to-use app that works seamlessly on any smartphone or tablet. Its simple design allows you to browse your bank account, make mobile check deposits, or contact customer service with ease. It offers all of the features of a traditional bank with the added convenience of being able to access the platform from anywhere.

The biggest drawback of this business bank account, however, is that it charges a $10 monthly fee for its services, which you can not waive. Even though $10 is a relatively low cost – given that you get unlimited monthly transactions, deposits, and transfers – there are several competing business checking accounts that either charge no monthly fee or have one that can be waived by maintaining a minimum balance or meeting other similar requirements.

What do you need to open a business checking account with no credit checks?

To open a business checking account with no credit check at any of the banks listed above, simply follow the instructions on the bank's website.

Documents You May Need

Most banks will require you to submit some or all of the following documents:

Once you've gathered all of the required documents, you can begin the application process by creating an account on the bank's website.

On some occasions, you'll need to deposit money into your account. The amount you'll need to deposit will vary depending on the bank, but it's typically between $0 and $100. After your account is funded, you can start using it just like any other checking account.

Most online business checking accounts offer similar features and benefits, so choosing the right one for your business will come down to factors like cost, convenience, and customer service. Consider your needs and compare the features of each account to find the best fit for your business.

Alternative options to consider 

Here are a few other ways you can open a no ChexSystems business account: 

Credit Unions

You can try opening a business account with a credit union. Credit unions are financial cooperatives that often have more lenient requirements for membership and account approval than banks.

That’s because credit unions are member-owned, meaning their primary focus is on serving their members rather than making profits. As a result, credit unions typically have easy approval requirements, making them a good option for those with a negative ChexSystems report.

Keep in mind, however, that each credit union has its own eligibility requirements so you’ll need to do your research to find one that’s right for your business. Some credit unions may not use ChexSystems at all when you apply for an account, while others may consider your application on a case-by-case basis.

Community Banks

Another option for opening a business checking account with no ChexSystems report is a community bank or local banks. Many local banks and credit unions are much more flexible to open a business banking account.

Unlike large national banks, community banks are typically locally owned and focused on serving the needs of their local communities.

This can make them more flexible when it comes to approving businesses for checking accounts, even if they have a negative ChexSystems report.

Again, however, each bank has its own approval process, so you’ll need to do your research to find a community bank or credit union that’s right for your business.

Second Chance Banking Accounts

If you’ve been denied a business bank account because of your ChexSystems report, you may be able to open what’s known as a second chance banking account.

These accounts are designed for consumers with negative ChexSystems reports and typically come with fewer features and higher fees than a traditional checking account.

While they may not be ideal, second chance banking accounts can help you get your financial footing back and eventually qualify for a traditional checking account.

Prepaid Debit Cards

If all else fails to open a business bank account, consider applying for a prepaid debit card account.

With a prepaid debit card account, you can load money onto the card and use it to make purchases or withdraw cash from ATMs, similar to a regular debit card.

Prepaid debit cards are easier to get approved for than traditional bank accounts because there’s no credit check required.

However, prepaid debit cards typically come with fees, such as monthly maintenance fees, transaction fees, and ATM withdrawal fees, so you’ll need to weigh the costs before deciding if this is the right option for your business.

Tips to Improve Your ChexSystems Report

If you’ve been denied a business checking account because of your ChexSystems report, there are some things you can do to improve your record and eventually qualify for a traditional checking account.

Request your report

You’re entitled to one free copy of your ChexSystems report per year. Requesting a copy of your report is a good way to stay on top of your record and identify any errors that may be affecting your chances of getting approved for an account.

Dispute errors

If you find any errors on your credit report, you can dispute them with the credit bureau. ChexSystems is required to investigate any disputes that are filed and remove any incorrect information from your report.

Pay outstanding debts

If you have any outstanding debts, such as unpaid bank fees or bounced checks, make arrangements to pay them off as soon as possible. Once you’ve paid off your debts, contact ChexSystems and ask them to remove the negative items from your report.

Wait it out

Sometimes, you may just need to wait it out. Negative information typically stays on your report for five years, after which it will be automatically removed. In the meantime, consider opening a second chance banking account or a credit union account to help you manage your finances.

While a ChexSystems report can make it difficult to open a business checking account, there are still options available to you. Researching your options and taking steps to improve your ChexSystems report can help you get the account you need to manage your business finances.