Choosing the right bank or credit union is an important decision. In a study by the FDIC, approximately 7.1% of households in Arkansas are “unbanked”, meaning no one in the household has a checking or savings account. When making the decision to open an account, you want to make sure you find a financial institution that meets your needs and offers the best possible terms.
If you have bad credit or bad banking history, finding a bank or credit union that offers you a second chance can be even more challenging. Maybe you’re having trouble getting approved for a traditional checking account because of your credit history. Or maybe you’ve been blacklisted by ChexSystems, a consumer reporting agency that’s used during the application process at most banking institutions.
If you’ve experienced several overdraft checks from another financial institution or haven’t been able to pay overdraft fees, ChexSystems will flag that behavior making it next to impossible to find a bank willing to give you an account.
Even if you’ve been reported to ChexSystems, our team at CheckingExpert.com can help you find a bank or credit union that will work with you. Oftentimes banks offer second chance bank accounts specifically for those with marks on their ChexSystems report. There are also banks out there that don’t use ChexSystems at all!
If you’re ready to start fresh with a second chance bank or credit union, we’re here to help you find the right one. Here’s our list of the best banking institutions in Arkansas that can help you narrow down your options.
List of Second Chance Banks and Credit Unions in Arkansas for October 2022
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Chime® is a fast-growing internet-only financial company and our top choice for a second chance bank account.
And, best of all, Chime accepts almost all customers who apply. Even if you have bad or poor credit or have been blacklisted by ChexSystems or the credit bureaus.
Features include mobile deposits, direct deposit, online bill payment, NO monthly or annual fees, NO overdrafts fees1, NO credit check, and NO CheckSystems. Opening an account is super easy. It takes about 2 minutes and you don’t have to make an initial deposit. Here’s what we like:
No Monthly Fees
For the past couple of years, Chime’s huge growth has come at the expense of the big banks and their outrageous fees. And it’s one of the best features of a Chime account. There are no monthly or annual service charges, no minimum balance requirement, no foreign transaction fees, no fees at over 60,000 ATMs2, and no fees for mobile and online bill pay.
Deposit Cash for FREE at Over 8,500 Walgreens
Having access to a physical location for cash deposits is important to Chime members. And now it’s easy. All you have to do is go into a Walgreens store, hand the cashier the cash you want to deposit along with your Chime card, and the deposit will show up in your account immediately. This offers Chime members more walk-in locations than any other bank in the U.S. With over 78% of the country within 5 miles of a Walgreens, this is a significant benefit for millions.3
Smart Technology
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.
You can transfer funds to friends and family, Chime members or not… and they can claim their money instantly4 without any additional apps. The Chime app also has a series of notifications that you can turn on or turn off so you stay in complete control. Misplaced or lost your card? You can instantaneously turn off your card using the app. No wonder over 300,000 customers have given the app a 5-star review.
Customers First 
Chime was one of the first to offer a “round up” option. If you use your Chime card on a purchase of $10.65, Chime gives you the option of automatically rounding up to $11.00 and putting the remaining $.35 in your free Chime savings account. And that adds up over time! Plus, Chime pays 1.50% Annual Percentage Yield (APY)5 in interest on that savings account.
If you use direct deposit with your Chime account, you can get your paycheck up to 2 days early6. And Chime is just saying no to big bank NSF charges with a fee-free overdraft program up to $200. Finally, Chime just recently launched their Credit Builder credit card with no interest and no annual fee. We don’t think there is another company innovating for their customers like Chime.
Get a Chime Account Today!Chime is a financial technology company, not a bank. Banking services and debit card issued by The Bancorp Bank or Stride Bank, N.A.; Members FDIC. See additional disclaimers below.
Current is another web-only national bank that has some really great features… and has become one of the fastest-growing checking accounts for consumers who want it all without all the costs and hassles.
Why are we featuring Current on our website? It’s simple: they don’t use ChexSystems or your credit report to open a new account. Sign-up takes about 2 minutes and Current has extremely high acceptance rates. But what’s really cool are the incredible features offered with this account:
- NO minimum balance
- NO deposit required to open an account
- NO overdraft fees when you overdraw by up to $100 with Overdrive™
- NO fees at over 40,000 ATMS in the U.S.
- Get your paycheck up to 2 days early with direct deposit
- Earn 4.0% interest on your balance up to $6,000
- Earn points for unlimited cashback at participating retailers
- Send money instantly for free
- An elegant but simple smartphone app
- 24/7 member support
Current offers a really unique service it calls Gas Hold Removals. What’s a gas hold? Some gas stations may apply a hold from $50 to $100 when you use a debit card to pump gas. If you only pumped $10 of gas, but the gas station places a $100 hold on your funds, you won’t have access to the $90 difference for up to 3 business days! The Current debit card will immediately refund the hold so you have access to all your funds. We haven’t found that benefit anywhere in the marketplace.
Here’s what’s really important, though. Deposits are FDIC-insured up to the highest possible amount allowed: $250,000. We love the features, we love the smartphone app, and we love Current. That makes us think you’ll love them too.
Get a Current Account Now!Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Metropolitan Commercial Bank, Members FDIC.
For many people, having access to a local bank branch is paramount when setting up a checking account. With over 16,000 ATMs and 4,700 branches across the country, the Chase Secure Banking account might be the perfect fit.
Here are some of our favorite features with this account:
- NO credit check
- NO ChexSystems
- NO minimum deposit to open
- NO overdraft fees
- FREE access to over 16,000 Chase ATMs
- FREE Chase Online Bill Pay
- FREE money orders and cashier’s checks
Highly Rated Mobile App
Available for iOS and Android, the Chase Mobile app offers 24/7 access to your account. The app is highly rated, earning 4.8 stars out of 5 on the App Store and 4.4 stars out of 5 on Google Play.
You can transfer funds, deposit checks, send money with Zelle, set up account alerts and notifications, and lock your card if it’s been lost or stolen.
The app also has incredibly helpful budgeting tools, personalized insights, and the ability to check your credit score for free.
How The Account Works
Opening the Chase Secure Banking account is easy. They verify your name, address, and social security through Experian, but don’t pull a credit report or credit score. Chase doesn’t use ChexSystems for this account, either. Account approval is immediate, there’s no opening deposit requirement, and you’ll receive your Chase Secure card within a matter of days.
Chase doesn’t offer overdraft services with this account as you can only spend the money you have available and the account does not include paper checks. You should also know that using non-Chase ATMs can cost from $3.00 to $5.00 per transaction.
Chase Secure Banking carries a $4.95 monthly service fee that cannot be waived. But combined with all the free services and the $100 cash bonus when you use the card for 10 purchases within 60 days, the monthly fee doesn’t pose a problem for most customers. And, you’ll have peace of mind with Chase’s Zero Liability Protection if you detect and report unauthorized transactions.
Banking With A Leader
Chase claims to be involved with 40% of Americans in some way or another. There can be comfort in size, reach, and stability. Chase has all of that and the assurance they will be there for a long, long time.
If you’ve wanted to bank with Chase and wondered if you’d qualify, we think you’re going to be really happy with the Chase Secure Banking account.
Get a Chase Secure Banking account today!
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.
Acorns doesn’t use ChexSystems or a credit report to approve accounts and offers some strong benefits.
We love the heavy metal tungsten Visa debit card and the world-class smartphone app that allows you to manage every aspect of your new checking account such as budgeting, spending, and security.
Another nice option is the ability to round up on every purchase and Acorns will take that money and automatically put it in a savings account. This really helps build a nest egg.
It takes about 2-3 minutes to sign up and you get both a checking and savings account. Here’s more:
- FREE Visa® debit card
- FREE bank-to-bank transfers
- FREE physical check sending online or through the mobile app
- FREE mobile check deposits
- FREE or reimbursed ATM withdrawals nationwide
- NO minimum balance or overdraft fees
- NO credit check; ChexSystems OK
- FDIC insured
There is a $3 monthly fee that is easily covered by the ATM fee reimbursement and other goodies included with the account.
If you’ve struggled with poor credit or ChexSystems, Acorns might be the perfect account.
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Aspiration is a socially and environmentally conscious company that can help you make more sustainable choices — while making the most of your money. Their Spend & Save account combines both checking and savings and opening an account takes just a couple of minutes.
Here’s a few of the account features:
- NO minimum balance
- NO fees for paper checks
- NO overdraft or NSF fees
- NO credit check or ChexSystems
- NO fees at over 55,000 ATMs in the U.S.
- Get your paycheck up to 2 days early with direct deposit
Free or Monthly Fee – You Choose
With an Aspiration account, you decide how much your monthly fee will be — starting at $0. Through its “Pay What Is Fair” model, the company trusts customers to choose a monthly fee that’s fair for your wallet and fairly reflects the service you get from Aspiration. You can change your fee at any time.
For $7.99 per month, you can also choose to become an Aspiration Plus member and earn extra perks: 5% APY interest on savings, 10% cashback on certain purchases, and a debit card made of recycled ocean plastic. That’s a load of benefits!
This is the only banking product we’ve reviewed that offers the opportunity for members to spend and save with an environmentally friendly purpose.
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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.
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
Lili was custom made for freelancers and independent contractors who are operating as sole proprietors and single member LLCs and we really like their offering. Lili aims to approve most accounts within 2-3 days, but some accounts are approved in 2-3 hours.Lili offers a checking account and Visa debit card with no initial deposit or minimum balance requirement, no hidden fees, no credit check, and no ChexSystems. Lili makes getting your account easy! Here’s more of what we like:
- FREE business VISA debit card
- FREE (and very user-friendly) mobile app
- NO minimum balance
- NO NSF charges or fees
- NO credit check or ChexSystems
- Receive direct deposit funds 2 days earlier than many banks
- Mobile check deposit
- Unlimited fee-free transactions
- Takes 3 minutes to apply
Application Process
You can set up an account online. If you’re a freelancer, you should receive approval and account access almost instantly. If you’re a sole proprietor or single-member LLC, approval can take a couple of days. You can fund your account using a mobile check deposit, direct deposit, ACH transfer, or by linking your Venmo, PayPal, or Cash App account.
NorthOne is a fast-growing company built specifically around business banking solutions for freelancers, entrepreneurs, and small business owners. In addition to dramatically streamlining the application process, NorthOne doesn’t check your credit and doesn’t use ChexSystems. Here’s a recap:
- FREE business Mastercard debit card
- FREE access at over 1,000,000 ATMs nationwide
- FREE online and mobile app
- FREE live chat (not a chatbot), telephone, or email support
- FREE in-app invoice creator
- NO minimum monthly balance requirement
- NO NSF fees
- NO ACH transfer fees
- NO credit check or ChexSystems
Banking Services
NorthOne doesn’t require a minimum account balance and charges a $10 monthly fee that includes unlimited transactions in your account. These include ACH payments, bill pay, debit card usage, mobile deposits, and transfers. The only other fee is $15 for wire transfers.
You can also grant read-only access to employees or your accountant or bookkeeper. This keeps your account safe while also giving access to those who need it.
Integrations
With NorthOne business banking, you can connect your account to an almost unlimited number of third-party apps. NorthOne integrates with business tools including Paypal, Stripe, Square, Etsy, Shopify, Airbnb, Amazon, Venmo, Toast, Uber, Lyft, Quickbooks, FreshBooks, Wave, Expensify, and many more. Through these integrations, you can sync transaction details, collect payments, see and pay invoices, send payroll, pay contractors, and more.
If creating and sending invoices, quotes, and estimates is critical to your business, NorthOne offers a free stand-alone invoice creator that integrates seamlessly with the banking app. We’ve tried it and think it’s an elegant solution.
Application Process
NorthOne targets account approvals within one to two business days. Information required to open an account includes name, address, and social security number or tax identification number. If applicable, NorthOne may ask for a copy of your business license and business formation documents. After you’re approved, you’ll need to make a $50 minimum opening deposit.
One of the most important steps to taking your business to the next level is the need to set up a business bank account. And if you get the right business account, it can give your growing business all the tools much larger businesses enjoy… without all the big business costs.
Novo understands small business owners and makes it easy to open and manage an account. As an online-only bank, you’ll find Novo strikes the right balance between technology, human touch, and real-world benefits. Here are some of our favorite features for Novo Business Checking:
- NO monthly fees
- NO minimum balance requirement
- NO ATM fees
- NO credit check or ChexSystems
- FREE Mastercard debit card
- FREE mobile app
- FREE transfers, mailed checks, and incoming wires
- FREE invoicing to create, send, and track invoices
- FREE mobile check deposit
Application Process
It takes about 10 minutes to sign up for a Novo account. You’ll need personal and business information, which may include a social security number, business tax ID, and business formation documents. They do not check your credit or use ChexSystems.
Novo is growing quickly. Their offering is popular with small business owners. The account approval process is currently taking 1-2 business days and once you’re approved, you can get full access to your account with a simple $50 deposit.
We like Novo. We think you’ll like it, too.
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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!
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.
The SoFi Checking & Savings account is offered by SoFi Bank. It’s a checking and savings 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. With over 2.5 million members, SoFi is a bank you can count on!
The $325 bonus comes in two parts. When you deposit at least $10, SoFi will credit your account $25. When you set up direct deposit from an employer, SoFi will credit your account up to $300 (depending on the amount of your direct deposit) and bump the interest rate you earn to 1.25% APY. The bonus and interest rate are some of the highest we’ve seen.
- No account fees
- No minimum balance
- No overdraft fees
- No fees at over 55,000 ATMs
- 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. I’ve had some issues with ChexSystems in the past and SoFi Money seems to be the perfect account.
Kevin M., SoFi Money Customer
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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.Opening an account is easy and Varo doesn’t check your credit or use ChexSystems. Varo doesn’t even require an initial deposit to open an account, either. There are never any monthly maintenance fees, account balance minimums, overdraft fees, foreign transaction fees, transfer fees, or debit card replacement fees.
Varo’s recent bank charter has them innovating more than ever. They have a very strong cashback program, a payroll advance option, and have started to offer their customers a secured credit card called Varo Believe.
Finally, if Varo receives a payroll notification before your payday, it can deposit your money more quickly than many banks.
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.
Chime is a financial technology company, not a bank. Banking services and debit card issued by The Bancorp Bank or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1Eligibility requirements apply. Overdraft only applies to debit card purchases and cash withdrawals. Limits start at $20 and may be increased up to $200 by Chime. See chime.com/spotme.
2Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Cash deposit or other third-party fees may apply.
3Customers are limited to three $1,000 cash deposits at Walgreens each day and $10,000 each month.
4Sometimes instant transfers can be delayed. The recipient must use a valid debit card to claim funds. See your issuing bank’s Deposit Account Agreement for full Pay Friends Transfers details.
5The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of August 25, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.
6Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We 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.