If you recently applied for a checking account and were denied because of a negative banking history, you’re not alone. Approximately 85% of banks in Arkansas use a company called ChexSystems when you apply for a new checking account. If you have experienced several overdraft checks from another bank or have been unable to pay overdraft fees, ChexSystems will flag that behavior making it next to impossible to find a bank willing to work with you.
Granted, ChexSystems is the safety net for bank institutions to weed out people who have committed fraud or identity theft, but if you get caught in the net it can be crippling. And most of us absolutely require the use of a bank checking account to manage our money, pay bills, and receive direct deposits from an employer or government agency.
Fortunately, some banks and credit unions offer so-called No ChexSystems Checking Accounts and/or Second Chance Checking Accounts to help people rebuild their credit and financial histories. Our job at checkingexpert.com is to find those institutions in Arkansas that can assist you.
The Best Second Chance Banks and Credit Unions in Arkansas
The SoFi Money Cash Management Account is offered by SoFi Securities LLC, a FINRA registered broker dealer. It’s a checking account on steroids and we love that. Plus, they don’t use ChexSystems to approve accounts.You get a debit MasterCard and a very slick smartphone app. You can make deposits, write checks, utilize electronic bill pay, and transfer money. There are no monthly fees or overdraft fees. Plus, you earn interest on all the money in the account! The sign-up process can take less than 60 seconds.
There is no minimum balance requirement and the initial deposit is only $10. Plus, when you make that initial deposit SoFi Money will credit your account $25 as sign up bonus immediately deposited into your new account! Available in all 50 states.
- No account fees
- Unlimited reimbursed ATM fees
- Access to SoFi member benefits like career coaching and financial advising
- Automated bill pay
- Freeze debit card on-the-go
SoFi Money has been great! The account was easy to open and I got my debit card a few days later. The smartphone app is easy to use and I can check everything from my computer, too. The chip technology on the card gives me peace of mind. With no fees and all sorts of benefits, SoFi Money offers more than I imagined!
Gena M., SoFi Money Customer
Axos Bank, formerly called Bank of Internet USA, has been around for over 20 years and has created some of the best banking offerings we’ve reviewed. And our favorite is the Axos Bank Rewards Checking account. So what are the rewards? Check it out:- NO monthly minimum balance
- NO monthly maintenance fees
- NO overdraft or NSF fees
- UNLIMITED domestic ATM fee reimbursements
- Earn up to 1.25% APY
The Rewards Checking interest payment can be earned by jumping through a couple of hoops. If you have a direct deposit of $1,000 per month, you’ll earn one-third of the interest amount. If you use your Axos Visa Debit Card at least 10 times per month, you’ll earn another one-third of the interest amount. And, if you increase that number to 15 transactions per month, you’ll earn the final one-third of the interest amount. We like the fact that that the interest payment isn’t an all-or-nothing feature.
Axos has created a simple, but powerful smartphone app to manage your account. You can chat 24/7 with a financial assistant, get real-time account transactions and notifications, and freeze your account if your card is lost or stolen. Anything you need to do can be completed using their robust and user-friendly app.
Applying is easy. You’ll need your social security number, a valid form of ID such as a driver’s license, a valid U.S address, and you must be a U.S. citizen or resident alien. There is an initial deposit of $50 to set up the account.
Finally, as a member of FDIC, Axos offers the full protection offered by that institution.
Chime is a fast-growing internet-only financial company. Unlike big banks, Chime was created during the smartphone era and, therefore, features an app that is more than just a way for customers to review their bank accounts.And, best of all, Chime accepts all customers who apply. Even if you have bad or poor credit or have been blacklisted by ChexSystems or credit bureaus. This makes Chime a solid choice for a second chance bank account.
Features include mobile deposits, direct deposit, online bill payment, NO monthly or annual fees, NO overdrafts, NO credit check, and NO CheckSystems.
Here are a few of the highlights:
- FREE Visa® debit card
- NO monthly Service Charge
- NO monthly minimums
- NO credit check; Bad credit OK
- NO ChexSystems or Telecheck; guaranteed approval
- FREE online banking and mobile banking/deposits
- FREE mobile and online bill pay
- NO foreign transaction fees
- NO fees at over 60,000 ATMs at convenient locations like Walgreens, 7-Eleven, CVS and more
- SAVINGS: You can round up every purchase to the nearest dollar and automatically deposit that difference into your savings account.
Chime Lets You Get A Jump On Payday
You can receive your paycheck up to two days earlier than at a traditional bank if you set up direct deposit — Chime processes your employer’s check immediately instead of waiting like other banks may.
Chime is one of the most friendly for those who have been negatively impacted by bad credit, ChexSystems, or Telecheck.
Your Chime Visa Debit Card charges NO fees at over 60,000 ATMs found at these retailers and many more:
Get a Chime Account Today!
Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Putting customers first since 1901, 1st Convenience Bank offers a flexible eAccount for the consumer on-the-go. This account is designed for those that seek a more digital-friendly account while still maintaining 1st Convenience Bank’s customer service.By opening an eAccount in person, no minimum deposit is required. Opening purely online requires a simple $20.00 minimum deposit. In addition, 1st Convenience Bank offers a plethora of features to their eAccount owners including:
- A debit Mastercard for purchases and payments
- Free Gold Key ATM withdrawals
- A monthly maintenance fee of only $5.00 with E-statement enrollment
- Bill pay and money order services
You can find 1st Convenience Bank locations inside Walmart stores in cities including Cabot, Fayetteville, Baseline, Searcy, and several others.
BancorpSouth recently renamed their second chance checking account to Budget Smart Checking. And we like one change in particular: you no longer have to go to a branch to open an account; you can do that online. BancorpSouth does use ChexSystems, but as long as you haven’t been flagged for fraud OR owe any outstanding balance to BancorpSouth, you’re good to go.The Budget Smart Checking account does have a $5 monthly fee and you’ll need an initial deposit of $25 to open your account. From there, all the usual perks are yours: online bill pay, online banking, and a solid smartphone banking app. The account has a feature called Overdraft Avoidance, which helps you spend only the money available in your account by declining most transactions that exceed that amount.
BancorpSouth has over 30 branches throughout Arkansas, including several in and around Little Rock, Fort Smith, Jonesboro, Fayetteville, and Texarkana.
If you’ve been turned down by other banks, we recommend the Pathway Checking account from Bank OZK. Many accounts limit your access to features, but this second-chance checking option gives you all the benefits of a traditional checking account.There is a minimum opening balance of $50 and a $10 monthly service fee. However, there is no minimum balance requirement. Pathway Checking includes:
- Free debit card
- Free online and mobile banking
- Free telephone banking
- Free online bill pay
- eStatements
- Unlimited check writing
Bank OZK is headquartered in Little Rock and has several branches there. You’ll find additional branches in Fayetteville, Fort Smith, Harrison, Jonesboro, Clarkesville, Conway, Clinton, and dozens more throughout the state.
Opportunity Banking through BOK Financial is a checkless account giving you instant access to your money. Designed to offer you a second chance at checking, Opportunity Banking can be linked to a savings account to take advantage of the QuickSave program. Your savings grow without you knowing it when purchases are rounded up to the nearest dollar with the difference automatically deposited into your savings.Although you don’t have access to checks, Opportunity Banking provides easy access to your money through a free Visa debit card. You can keep track of your account online and through a convenient mobile app. BOK Opportunity Banking features:
- Free direct deposit
- Free mobile deposit
- Free online statements
- Access to more than 32,000 MoneyPass ATMs
- Overdraft protection when linked to a money market, savings or personal line of credit
- 24-hour telephone automated account information
BOK Financial has two branches in Arkansas; one is located in Fayetteville and the other is in Bentonville.
Centennial Bank has a great option for those with past blemishes called the Opportunity 100 Checking account. Centennial Bank does check for past history using ChexSystems for their regular accounts, but has established the Opportunity 100 account as an option for those unable to get a standard checking account.Though the Opportunity 100 account is designed for this purpose, it doesn’t mean it has any less functionality than many standard checking accounts. It comes with the ability to pay bills online, have access to a debit card, and enjoy the benefits of online banking.
All that is required is a $100 opening deposit and the monthly service charge of $12.95 can be reduced to $9.95 if you’re enrolled in direct deposit. After 12 months of good standing, this account is eligible to be upgraded to a standard checking account.
Centennial Bank has 7 locations in Arkansas located in Searcy (3), Beebe (3), and Ward.
Chambers Bank offers a second chance to those with a less severe ChexSystems record. If you have only one account reported to ChexSystems and owe less than $400, you qualify for their New Opportunity Checking account.We like this account because it comes with most of the features you’d find in a traditional checking account. For a $10 monthly service charge, you get unlimited check writing, a free debit card, and access to online banking with bill pay. It’s important to note that there is a $100 required opening deposit.
After 12 months of good standing, Chambers Bank offers you an opportunity to upgrade to one of their regular checking accounts! They have branches spread across the entire state in cities including Atkins, Danville, Fayetteville, Mansfield, and many others.
Diamond Bank offers a chance to restore your standing in the banking system with their Encore Checking account. This account is specific to those who’ve had past mistakes with banking and are working to repair their checking history.While this account requires an opening deposit of at least $100, the monthly service fee can be reduced to $8 if you enroll in direct deposit.
Your account comes with free eStatements, unlimited bill pay, unlimited check writing, and a free debit MasterCard. After 12 months of good standing, you qualify to upgrade to another account at Diamond Bank.
Branch locations include Glenwood, Mount Ida, Murfreesboro, Hot Springs, Dierks, Nashville, Mineral Springs, Mena, Hope DeQueen, Ashdown, Texarkana, Russellville, and Hector.
Fresh Start Checking with First Community Bank is a great option for those looking to get back on track and re-establish a positive checking relationship. If you have a negative history with ChexSystems or any other consumer reporting agency, this may be the account for you.All you’ll need is a $50 opening deposit to get started. Each month, there is a service fee of $11.50 that can be reduced to $8.50 if you enroll in direct deposit. After 12 months of good standing, the account will be converted to their Regular Checking account. This account includes features such as:
- Unlimited check writing
- No minimum balance requirement
- Free debit MasterCard, subject to approval
First Community Bank branches can be found in Bald Knob, Batesville, Bay, Cabot, Cave City, Cherokee Village, Conway, Harrison, Jonesboro, Lepanto, Little Rock, Mountain Home, Newport, and Searcy.
First Service Bank does not use ChexSystems or check your credit and may be a strong option when considering a new bank. We recommend their General Checking account because it has a low monthly maintenance fee of $5.95, which will be waived when you opt for eStatements instead of paper statements. There is a $100 minimum deposit to set up this account.You’ll get your free debit card in a matter of days after signing up and have access to online banking as well as their smartphone mobile app. The bank belongs to the MoneyPass ATM network, so you can easily access over 32,000 ATMs nationwide surcharge-free.
First Service Bank is homegrown in Arkansas and has 11 branches, including 2 in Conway, and one each in Clinton, Dermott, Flippin, Greenbrier, Little Rock, Marshall, Mountain View, Shirley, and Yellville.
FNBC Bank does use ChexSystems, but will open an account if you don’t have any outstanding or unpaid issues. You’ll have access to all their accounts, but we recommend going with the Slate Checking account.There is an opening deposit of $100 required, but they have all the perks most people need. This includes no minimum balance, free eStatements, online banking, mobile smartphone app, mobile deposit, and bill pay. You can reach their customer service via text messages, too.
FNBC has locations in Ash Flat, Batesville, Cherokee Village, Hardy, Highland, Horseshoe Bend, Jonesboro, Mammoth Spring, Melbourne, Mountain Home, and Salem.
Fresh Start Checking through Focus Bank is a solid choice for second chance checking. With only a $50 minimum deposit, you receive the ability to reestablish your credit. There is no minimum balance requirement for Fresh Start accounts. The monthly service fee is only $5.95 when you enroll in free eStatements, a savings of $2 every month.You can apply online or in person at a Focus Bank branch in Jonesboro, Marmaduke, and Paragould. Fresh Start Checking comes with:
- Free online banking and bill pay
- Free MasterCard debit card
- Free mobile banking with mobile deposit
- Free direct deposit
Fort Sill National Bank is an excellent choice for those looking for second-chance checking. Their Basic Checking account does not require a credit check, use ChexSystems, or Telecheck to open new accounts. We like that you aren’t required to direct deposit and you won’t pay high fees. If your account balance is over $75, your monthly service fee of $6 is waived. If your account balance is over $500, you begin to earn interest.All you need is $5 to open an account at one of 5 Arkansas branch locations. The Basic Checking Account comes with:
- A free Visa CheckCard
- Unlimited check writing
- Surcharge-free ATM withdrawals at FSNB locations
- Access to the Savings Round-Up program
- Online, mobile, and text checking options
FSNB locations include two in Conway, as well as one each in Pine Bluff, Russellville, and West Memphis.
GO2bank is an offering of pre-paid card giant GoBank and we think it’s a step in the right direction. Like some of the newer “challenger banks” GO2bank will deposit your direct deposit check up to 2 days early and has cashback rewards on several categories of purchases. This account also makes you eligible for the GO2bank credit card, which has no annual fee or required credit check.One significant drawback to many online-only bank accounts is that they have no way to accept cash deposits. But GO2bank accepts cash deposits at over 90,000 Green Dot locations nationwide. However, participating retailers may charge you a fee.
If you direct deposit over $500, your monthly maintenance fee of $5.00 is waived. And, they offer a pretty sweet overdraft protection program, but it has a gotcha charge of $15 if you don’t replace the funds within 24 hours.
Account-holders will appreciate the ability to budget their money with the help of a mobile app, budgeting tools, and a savings vault. In fact, they pay 1% on all money in the saving vault up to $5,000.
Go Further from GTE Financial helps put you on the path to a better checking account. If you don’t qualify for a traditional account, the Go Further account will help you get there in as little as 12 months. We consider this a low-cost second chance checking. As long as you make a total deposit of $500 for the month, opt to receive eStatements and make 15 monthly transactions, the $9.95 maintenance fee is waived.GTE Financial is one of the largest credit unions in the US. Membership is open to anyone through easy requirements and an online application process. The Go Further account includes:
- Free EMV-equipped debit card with built-in rewards
- Online and mobile banking tools
- Free bill pay service
- Easy money transfers through the Popmoney service
Hope Credit Union is looking out for those who need a second chance. If your credit is low or you’ve had issues with ChexSystems in the past, their Easy Checking may be a great option for you.You’ll need to keep a $25 minimum balance, but the $9.95 monthly fee can be waived with a $200 minimum balance. Plus, there is an opening deposit of $25 that will be required. On the upside, you’ll get a free debit card and free eStatements along with online banking, bill pay, mobile/smartphone app, free telephone customer service, and free direct deposit.
Hope Credit Union has 3 locations in Arkansas, including College Station, Little Rock, and West Memphis.
LendingClub Banking, formerly Radius Bank, has a second chance checking account called Essential Checking. It’s an FDIC-insured checking account designed to help you manage your money with powerful technology and limited fees. Available to residents in all 50 states.- Free MasterCard® debit card
- Free mobile banking with check deposit
- Free online banking with bill pay
- $10 minimum deposit to open account
- Monthly service charge of $9.00
- No minimum balance
- Ability to upgrade account after 12 months of responsible banking
No matter your banking past, Navy Federal Credit Union offers traditional checking for all members in Alabama and across the US. With no review requirements of your banking history, NFCU is an excellent choice for active duty or retired US military, family members and government contractors. There are two banking choices to choose from: Active Duty Checking and Free eChecking.Both account options come with a free NFCU debit card. There is no monthly service fee with direct deposit. Your account is protected from overdrafts with free savings transfers, a checking line of credit or an optional overdraft protection service. You also receive:
- Free mobile deposits
- Free bill pay
- Free traditional name-only checks
- Dividends credited monthly
Peoples Bank is a local Arkansas financial institution with branches in Magnolia (2) and Waldo. And if you’re looking for a bank that will open an account for virtually anyone, this is the bank for you. They don’t use ChexSystems, Telecheck, or EWS. The bank doesn’t pull your credit history either.We like their local roots and we really like their Totally Free Checking account. It takes $.01 to open an account, there’s no minimum balance, no monthly service charge, and no per check charge. You get a free debit card, free online banking and bill pay, free smartphone app, free eStatements, free monthly statements. Plus, they’ll buy back your unused checks and debit cards from another financial institution.
Total Free Checking. Now, there’s truth in advertising!
Peoples Cash Solutions understands that being denied a checking account for bad credit or problems with ChexSystems or TeleCheck isn’t a good feeling. If you haven’t been involved in fraudulent activity, all you need is a fresh start. You can find it with the Second Chance Checking account from Peoples Cash Solutions.Second Chance Checking offers easy direct deposit to save you time and money by eliminating the check cashing process. Your access to your money is simple through a Peoples Cash Solutions debit Mastercard. Other convenient features include:
- Online banking
- Online money transfers
- Online bill pay
- A personal checkbook
- ATM access
You can apply online with a $30 minimum deposit. There is a monthly maintenance fee of $4.95 for Second Chance Checking through Peoples Cash Solutions.
Opening a Fresh Start Checking account with Red River Credit Union can be a great step towards better financial wellness; even if you have a ChexSystems record. This account has most of the benefits of a standard checking account and also comes with money management education tools.Benefits include a free Visa debit card, access to online banking, and a reasonable maintenance fee of $10 a month.
To become a member of RRCU, you must live, work, worship, or attend school in one of over ten eligible counties in Arkansas. You can also be eligible for membership if a relative is already a member.
To learn more, visit their website or one of their branches in Ashdown, Hope, Nashville, Texarkana, or De Queen.
River Valley Community Federal Credit Union offers a Fresh Start Checking account to those with a ChexSystem record less than 5 years old. They require that the record must be less than $300 and you must not owe this credit union any money.To open an account, you’ll need to deposit $100 that will be placed on hold during the first 30 days. This account comes with a debit card, a low $5 monthly service fee, and offers members an upgrade to a Traditional Share Draft account after 12 months of good standing.
To become a member, you must live, work, worship, or attend school in Dallas, Union, Colombia, Calhoun, or Ouachita counties. They have two branch locations in Arkansas; one in Camden and the other in El Dorado.
Southern Bancorp offers a smart way to manage your money with their Opportunity Card checking option. This bank doesn’t use ChexSystems, so even if you have a record there’s still a good chance you’ll be able to get an account.The Opportunity Card requires no minimum opening deposit and has a low monthly service fee of $5. We like this account because it doesn’t charge any NSF (non-sufficient funds) or Overdraft fees. They also offer a few simple features like bill pay, check cashing, and online banking.
Southern Bancorp has branch locations spread across Arkansas in cities such as El Dorado, Arkadelphia, Bismarck, Barton, and many others.
Right Start Checking, provided by UNIFY Financial Credit Union, is a go-to option for people who have been denied membership of a traditional account due to a negative history with ChexSystems. Opening a Right Start Checking account, with an initial deposit of $25, will allow you to write as many checks as you need and overdraft protection up to $250.This account has no monthly fees associated and allows for eBanking from any device, meaning you’ll have access to your funds anywhere in the world that you have service. Building a positive checking history has never been easier with this second chance bank account.
UNIFY FCU has several branches in Arkansas in cities including Fayetteville, Springdale, Lowell, and several other cities in the area. They are also in-network with dozens of co-op shared branches where you’re able to make payments, transfers, check deposits, etc. These branches can be found throughout the entire state.
The Safe Debit Account is an account that almost anyone can use to store and transact money. You can use direct deposit, configure low balance alerts, and send money to family and friends within your account. The one thing that you won’t be able to do is write checks.Instead, the Safe Debit Account makes things easier by making the funds available via debit card. With a debit card, it is proven that account holders are much less likely to overdraw. With only a $4.95 maintenance fee, the account is very affordable to open and maintain.
Another added benefit of this account is that you’ll get free monitoring of your credit score so you can ensure you are on the right track. To open an account, you can apply online or visit one of US Bank’s branches in Arkansas. They can be found in Heber Springs, Jacksonville, Sherwood, Little Rock, and Conway.
Varo Bank is another internet-only bank with services based on their mobile apps for Apple and Android devices. Varo doesn’t charge fees at 55,000+ Allpoint ATMs and offers strong budgeting tools and automatic savings programs.When you open an account at Varo you can do so with no initial deposit. Plus, there are never any monthly maintenance fees, foreign transaction fees, transfer fees, or debit card replacement fees.
Finally, if Varo receives a payroll notification before your payday, it can deposit your money more quickly than many banks.
Washington Savings Bank gives you the opportunity to start fresh with their Online Rewards Checking. We understand that you need an account with easy accessibility and plenty of options. Washington Savings Bank provides all the perks you need to rebuild your banking relationship.With relaxed CheckSystems requirements, you’ll find it is easy to open an Online Rewards account. All you need is a minimum deposit of $10 and an online application. There is no minimum balance requirement, but there is a $14.95 monthly fee. After a year of good standing, you can convert your account to a free checking plan.
With Online Reward Checking, you have access to:
- A free Mastercard EMV debit card
- Free online banking and bill pay
- Free budgeting tools
- Free mobile banking
- Mobile deposit after 3 months of direct deposits
- Free eStatements
Wells Fargo recently changed the Opportunity Checking account to Clear Access Banking. And we like one change, in particular. Wells Fargo has done away with overdraft and non-sufficient funds (NSF) fees. Clear Access Banking is a debit card-only account (no paper checks available) and if you attempt to purchase something without sufficient funds, the transaction will be denied. That’s a lot better than having the transaction approved and then discovering you’ve been hit with a $35 overdraft fee.There is a $5 monthly fee, but that is be waived for account holders 24 years old and younger. This account is available to residents in all 50 states.
- The largest number of branches in the U.S.
- Minimum deposit of $25 to open an account
- Online bill pay and smartphone app
- Mobile check deposit
- Includes a Visa debit card
- Send and receive money through Zelle
- Additional features include account alerts, 24/7 fraud monitoring, and zero liability protection for your debit card
Did we leave your financial institution off this list of The Best Second Chance Banks and Credit Unions in Arkansas? Has there been a change in any of the listings? Please let us know.