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 Colorado 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 Colorado that can assist you.
List of the Best Second Chance Banks and Credit Unions in Colorado
BBVA Online Checking is our hands-down winner for the best second chance checking account for residents of Colorado. BBVA doesn’t use ChexSystems or your personal credit score when opening a checking account. Instead, they use EWS to screen applicants.The account is loaded with features and has no minimum balance requirements or monthly service charge. Simply stated, the BBVA Online Checking account has a combination of features no other bank can match. These include:
- NO ChexSystems
- NO monthly Service Charge
- NO monthly account balance minimums
- NO fees at over 64,000 Allpoint® and BBVA ATMs worldwide
- FREE award-winning mobile app (one of the best we’ve reviewed)
- FREE Visa® debit card you can personalize with your favorite photo
- FREE online banking, bill pay, and mobile deposits
- FREE money transfer to and from any email or mobile phone in the U.S. via Popmoney®, Venmo®, and other instant transfer services
- FREE dedicated team of mobile bankers you can contact via text, email, or phone
- FREE cash back rewards for everyday debit card purchases with Simple CashBack
- FREE unlimited check writing
- FREE Visa Zero Liability protects you against fraudulent purchases made on your debit card
- BBVA USA, member FDIC
It’s simple to apply. The BBVA website is simple and easy to interact with. There is a $25 minimum deposit required to open an account. Your online approval is immediate. BBVA is one of the most friendly banks for those who need a second chance at a checking account. The entire process from start to finish takes about 3 minutes.
Your BBVA Visa Debit Card allows you access to all BBVA ATMs and Allpoint ATMs. Allpoint ATMs can be found at these retailers and many more:
Our runner up is Chime and is another great checking account option. Chime doesn’t perform ChexSystems background checks and the account comes with lots of perks, including a debit card and transaction alerts, which allow you to track how much you’re spending and what your balance is throughout the day. It’s free to open an account and there’s no monthly maintenance fee or other hidden fees.Another perk that makes this account stand out is that if you use direct deposit for paychecks from your employer, you can access that money two days sooner than you could with many other banks.
Though Chime doesn’t offer paper checks, users can still send checks anywhere in the U.S. using the bank’s mobile app — which can also be used for making check deposits on the go.
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 you don’t have to make an initial deposit to get an account. Plus, you can earn a $50 cash bonus if you sign up for SoFi Money® and make one direct deposit of at least $500. 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
I love SoFi Money! Easy to open, easy to make transactions and move money around, and an awesome smartphone app that alerts me to all the key indicators on my account. And I like making a little interest on the money in my checking account. During the past several months, I have come to appreciate the contactless payment capability of the Mastercard debit card.
Kevin M., SoFi Money Customer
Although 5Star Bank uses ChexSystems, they are more lenient than other banks when it comes to approving checking accounts. If all items on your record are over six months old, under $200, and don’t indicate fraud, you may be able to get an account. To increase your chances, it’s also recommended that you sign up for direct deposit.We like their E-Checking account for its low cost and basic perks. You won’t need to pay any monthly fees if you enroll in eStatements. Although you won’t earn interest on your account balance, you’ll get a Visa debit card and have access to online banking with bill pay.
5Star Bank has four branch locations; three of which are in Colorado Springs and one in Greenwood Village.
Rather than referring to your ChexSystems record, Armed Forces Bank will refer to a credit report and Certegy check services to determine if you’re eligible for an account. If you only have issues with ChexSystems, there’s a good chance you will be approved.We like their Access Checking account because it provides all of the banking necessities while remaining affordable. The account comes with digital banking access, free eStatements, a free Visa debit card, and overdraft protection services. To waive the moderate $10 monthly service charge, you just need to enroll in direct deposit.
To get started, all you will need is $25 for an initial deposit. As the name may suggest, Armed Forces Bank offers accounts to anyone who is actively enrolled or retired from the U.S. Army. You can find branches located in cities including Aurora, Denver, Englewood, Pueblo, Westminster, and several others.
Bank of the West offers its Fresh Start Checking account for those that may have negative entries on their ChexSystems report. In order for you to be eligible for a Fresh Start Account, any entries within ChexSystems must be at least one year old.In order to open your own account with Bank of the West, visit any one of their locations to get started. By paying just a $12 monthly service charge, you’ll have access to a wide variety of benefits including:
- Online banking access
- Unlimited check writing
- Bill Pay services
- Unlimited access to Bank of the West ATMs
Bank of the West has over 70 locations throughout Colorado including in the Cities of Aurora, Denver, and Superior to help assist with rebuilding your finances.
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 over a dozen locations in Colorado. You can find them located in Golden, Lakewood, Littleton, Boulder, Greenwood Village, Denver, and several other surrounding cities.
Equitable Savings & Loan Association will pull a credit report in lieu of ChexSystems when you apply for an account. If you’ve been reported to ChexSystems in the past but still maintain a healthy credit history, this may be a great option for you.We like their Value Checking account which is essentially free checking. After you deposit a minimum of $100 at the time of opening your account, you won’t need to worry about any monthly fees or service charges. Value Checking also includes a free debit MasterCard, free eStatements, and free bill pay.
Equitable Savings & Loan Association is Colorado-based and has ten branch locations in cities across the state such as Akron, Burlington, Julesburg, Sterling, and Yuma.
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
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
Individuals who live, work, worship, or attend school in Montrose, Gunnison, Ouray, or San Miguel counties are eligible for the Last Chance Checking account with NuVista Federal Credit Union. In addition to this requirement, you are also required to hold a Share Savings account with a minimum deposit of at least $25.Once these requirements are met, you may proceed with opening your TLC Checking account. With only a $10 monthly maintenance fee and a $100 minimum opening deposit, you’ll gain access to all of the following benefits:
- Unlimited check writing
- Online and mobile banking
- Free e-statements
- Free bill pay
NuVista Federal Credit Union has convenient locations in Montrose and Gunnison to help get your finances back on the right path.
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.
You do not need a perfect banking history to open an Essential Checking account through Radius Bank. Designed to help you manage your money, this is an excellent opportunity to start over.All you need is a $10 minimum opening deposit. After that, you have no minimum balance requirements. There is a monthly service charge of $9, but you can apply for a free checking account after 12 months of positive banking history.
You can easily apply online for all Radius banking services. Essential Checking comes with:
- Free MasterCard® debit card
- Free mobile banking with check deposit
- Free online banking with bill pay
- No minimum balance
With TCF Bank, simplifying your finances has never been easier with their Base Account. Requiring only a $25 minimum opening deposit along with a $4 monthly maintenance fee, this account is ideal for those looking to save on excessive fees.To get started opening your Base Account, visit your local branch today. Upon opening, your Base Account with TCF Bank will provide you with all of the following features and benefits:
- No overdraft fees
- Online banking
- Free e-statements
- Free bill pay
TCF Bank has locations in and around both the Denver and Colorado Springs area for your financial convenience.
If you are looking to get off on the right foot when rebuilding your financial history, the Right Start Checking account with UNIFY Financial Credit Union is the perfect option. Requiring only a $25 minimum opening deposit to get started, this account helps you save on expensive fees.To open an account, simply visit your local UNIFY Financial Credit Union to get started. Once opened, your new Right Start Checking account comes with the following benefits:
- No monthly maintenance fee
- No minimum balance
- Online banking access
- Overdraft protection
UNIFY Financial Credit Union has a branch conveniently located outside of Denver in Aurora to help you rebuild your financial history today.
For individuals seeking a basic checking account without the frills, a Safe Debit Account with US Bank is the perfect solution. For only a $4.95 monthly maintenance fee, this checkless account allows individuals the opportunity to closely manage their finances and get back on the path to rebuilding their credit.To get started, visit your nearest US Bank branch to open your own Safe Debit Account today. Once opened, your new account will have access to all of the following features and benefits:
- Mobile check deposit
- Bill pay services
- Online and mobile banking access
- Free Visa debit card
US Bank has locations throughout Colorado including the Cities of Denver, Colorado Springs, Boulder, and Aspen to help assist you with all of your financial needs.
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
White Crown Credit Union is said to be more lenient with ChexSystems, so depending on the severity of your record you may be able to get an account. They require that all balances are paid and there is no indication of fraud.If this sounds like something that might work for you, we recommend their Free Checking. You won’t need to worry about paying any monthly service fees or keeping minimum balance requirements. Free Checking also comes with 50 free checks, a free debit card, and access to over 30,000 fee-free ATM’s.
White Crown CU offers membership to anyone who lives, works, worships, or attends school in the downtown Denver area. They also extend services to employees of dozens of local companies and organizations. Visit their website or visit one of their branches in Denver or Englewood to get started!
Did we leave your financial institution off this list of The Best Second Chance Banks and Credit Unions in Alabama? Has there been a change in any of the listings? Please let us know.