The banks with the fewest barriers are online-only banks and credit unions, not the big national chains
The easiest checking accounts to open are at online banks like Ally, Charles Schwab, and Discover, or at your local credit union. These institutions typically require only an ID, a Social Security number, and an initial deposit—often as little as $0 to $25. They do not pull your ChexSystems report as a disqualifying step, meaning a history of overdrafts or closed accounts elsewhere will not automatically shut you out.
Big banks like Chase, Bank of America, and Wells Fargo do pull ChexSystems and often require a minimum opening deposit of $25 to $100. They also check your banking history more strictly. If you have been flagged in ChexSystems—the banking industry's record of account closures and overdraft disputes—you may be denied on the spot, even if you have the money to deposit.
Credit unions are often the middle ground: they check ChexSystems but are more forgiving of past problems, especially if you are a member of the community they serve. Many credit unions have no minimum deposit and charge no monthly fees.
Key Takeaways
- Online banks like Ally and Charles Schwab have the lowest barriers to entry and do not use ChexSystems as a hard stop.
- Credit unions typically charge no monthly fees and are more lenient about banking history than national banks.
- Big national banks require higher minimum deposits and stricter ChexSystems approval, making them harder to open with if you have past account problems.
- You will need a government ID, Social Security number, and proof of address for any bank, though online banks can verify address electronically.
Online banks: fastest to open, lowest fees
Online banks have no physical branches, which means they have lower overhead and can afford to be more permissive about who opens an account. Ally Bank, Charles Schwab Bank, and Discover Bank all allow you to open a checking account in 10 to 15 minutes on their website or app. You provide your ID, Social Security number, and a phone number, and the account is usually active the same day.
Most online banks do not charge monthly maintenance fees, do not require a minimum balance, and do not penalize you for overdrafts in the way traditional banks do. Some, like Ally, offer overdraft protection by linking to a savings account. Others, like Charles Schwab, reimburse ATM fees nationwide, which matters if you travel or live far from branches.
The trade-off is that you cannot deposit cash in person. You deposit by mobile check deposit (photographing a check with your phone), ACH transfer from another bank, or direct deposit. If you receive cash regularly and need to deposit it, an online bank alone may not work for you.
Credit unions: community-based and forgiving
A credit union is a member-owned financial cooperative, not a for-profit bank. Credit unions typically serve a specific community—a geographic area, an employer, a profession, or a family lineage. To open an account, you first become a member, which usually means paying a one-time membership fee of $5 to $25 and meeting the union's membership criteria.
Once you are a member, opening a checking account is straightforward. Most credit unions have no monthly fees, no minimum balance requirements, and no overdraft fees if you link a savings account for protection. They also tend to be more flexible about ChexSystems records. If you were flagged for overdrafts at another bank, a credit union may still open an account for you, especially if you explain the situation in person.
To find a credit union you can join, use the CO-OP Network locator or Shared Branch locator on the Credit Union National Association website. Search by your zip code, employer, or family name. Many people may have access to for multiple credit unions without realizing it.
Big national banks: higher barriers, more services
Chase, Bank of America, Wells Fargo, and similar large banks do pull your ChexSystems report and use it as a screening tool. If you have unpaid overdraft fees, multiple account closures, or a history of fraud disputes, you will likely be denied. They also require a minimum opening deposit—usually $25 for a basic checking account, but sometimes $100 or more for premium accounts.
The advantage of a big bank is physical presence: thousands of branches and ATMs, longer hours, and the ability to deposit cash in person. If you need to handle cash regularly or prefer face-to-face service, a big bank may be worth the higher barriers. But if you have any banking history problems, you will have better luck elsewhere first.
Second-chance banking accounts: if you have been denied elsewhere
Some banks and credit unions offer second-chance checking accounts specifically for people with ChexSystems records. These accounts often come with higher fees, lower ATM access, and stricter limits on overdrafts, but they allow you to rebuild your banking history. Banks like Chime, LendingClub, and some regional credit unions market these products.
The catch is that second-chance accounts are not easier to open—they are designed for people who cannot open a regular account. If you have been denied by an online bank or credit union, a second-chance account is your next step, not your first. Use it for six months to a year, then reapply for a standard account elsewhere.
What you need to bring or provide
Every bank, online or in-person, requires the same basic documents: a government-issued ID (driver's license, passport, or state ID), your Social Security number, and proof of your current address. Proof of address can be a utility bill, lease, or mortgage statement dated within the last 60 days. Some online banks will verify your address electronically using public records instead.
You will also need to decide on an opening deposit. Most banks allow $0 to $25, though some require more. If you are opening at a credit union, add the membership fee to your budget.
Comparing the real differences
| Bank Type | ChexSystems Check | Minimum Deposit | Monthly Fee | Cash Deposits | Speed to Open |
|---|---|---|---|---|---|
| Online Bank (Ally, Schwab) | Not a hard stop | $0–$25 | $0 | Mobile check deposit only | Same day |
| Credit Union | Checked but flexible | $0–$25 | $0 | In person at branches | 1–2 days |
| Big National Bank | Hard stop if flagged | $25–$100 | $0–$15 | In person at branches | 1–3 days |
| Second-Chance Account | Not checked | $0–$50 | $5–$15 | Varies | 1–2 days |
Frequently Asked Questions
Will opening an account hurt my credit score?
No. Banks do not report checking account activity to credit bureaus, and opening an account does not trigger a hard credit inquiry. Some banks do a soft pull of your credit report, but this does not affect your score. ChexSystems is separate from credit reporting and does not impact your credit.
What if I have been denied by a bank before?
Ask the bank why you were denied. If it was ChexSystems, request your report from ChexSystems directly and look for errors. You can dispute inaccuracies. Then try an online bank or credit union, which are more forgiving. If you are denied again, a second-chance account is your next option.
Can I open an account without a Social Security number?
Most banks require a Social Security number or ITIN (Individual Taxpayer Identification Number). Some credit unions and online banks will open accounts with an ITIN if you provide additional identity documents. Call ahead to confirm before visiting in person.
Do I need to keep a minimum balance?
Most online banks and credit unions have no minimum balance requirement. Big banks often waive monthly fees if you keep a certain balance—usually $500 to $1,500—or set up direct deposit. Check the account terms before opening.
How long does it take to use the account after opening?
Online banks set up accounts the same day you open them. Credit unions and big banks usually take 1 to 3 business days. You can start using the account for direct deposit or ACH transfers when ready, but debit cards and checks may take 5 to 10 business days to arrive by mail.