What A Plus Bank Is

A Plus Bank is a second-chance banking option designed for people who have been denied accounts at traditional banks, usually because of a history of overdrafts, unpaid fees, or problems reported to ChexSystems (the banking industry's checking account verification system). The bank operates as a full-service institution where you can deposit money, write checks, use a debit card, and set up direct deposit.

The core difference from a standard bank account is that A Plus Bank uses a different approval process. Instead of checking your ChexSystems record or your credit history, they focus on your current ability to maintain the account. This means people with past banking problems can often open an account when other banks would reject them outright.

A Plus Bank is not a prepaid card, a money order service, or a check-cashing store. It is a real bank account where your money sits in a deposit account and you have access to standard banking tools. The tradeoff is that the account comes with fees that are higher than what you would pay at a major national bank.

Key Takeaways

  • A Plus Bank accepts customers with ChexSystems records or past banking problems that would disqualify them elsewhere.
  • The account includes a debit card, check-writing ability, and direct deposit setup, making it a functional checking account rather than a limited product.
  • Monthly maintenance fees, overdraft fees, and per-transaction fees are higher than traditional banks charge, so you need to understand the full fee schedule before opening.
  • You can open an account online or in person with a government-issued ID and proof of address, and funding can happen when ready through a transfer or deposit.

How to Open an A Plus Bank Account

Opening an account requires a government-issued ID (driver's license, passport, or state ID card) and proof of your current address. Proof of address can be a utility bill, lease, or bank statement dated within the last 60 days. You do not need a credit check or a clean ChexSystems record.

You can open the account online through their website or in person at a branch location if one operates near you. The online process takes about 10 to 15 minutes. Once approved, you can fund the account when ready by transferring money from another bank account or by depositing cash at a branch.

A Plus Bank will issue you a debit card, which typically arrives within 5 to 7 business days. In the meantime, you can use your account number and routing number to set up direct deposit or to transfer money in from another account.

Fees You Will Pay

A Plus Bank's fee structure is the most important thing to understand before you commit. Monthly maintenance fees typically run between $9 and $15 per month, depending on the account type and whether you meet certain conditions like maintaining a minimum balance or setting up direct deposit. Some account tiers waive the monthly fee if you deposit at least $500 per month or keep a minimum balance of $300 to $500.

Overdraft fees are charged when you spend more than your balance. A Plus Bank charges an overdraft fee each time you overdraw, and the fee is usually $30 to $35 per occurrence. Unlike some banks, A Plus Bank may allow multiple overdrafts in a single day, meaning you could face multiple fees on one transaction if you are significantly overdrawn.

Other fees include ATM fees (usually $2 to $3 if you use an out-of-network ATM), fees for paper statements, fees for expedited card replacement, and fees for stopping a check. Read the fee schedule on their website or ask for a printed copy before you open the account so you know exactly what you are paying for.

How A Plus Bank Differs From Traditional Banks

The main difference is approval. A traditional bank checks ChexSystems, your credit report, and sometimes your banking history. A Plus Bank does not. This makes it accessible to people who have been locked out of the traditional banking system, but it also means the bank is taking on more risk, which is why they charge higher fees.

A Plus Bank also typically does not offer savings accounts, money market accounts, or credit products. You get a checking account and a debit card. If you need to save money, you would have to use a separate savings account at another institution or keep cash on hand.

Customer service and branch access may also be more limited than at a large national bank. A Plus Bank operates fewer branches than Wells Fargo or Bank of America, and their customer service hours may be narrower. Check whether there is a branch or ATM near you before opening an account.

When A Plus Bank Makes Sense

A Plus Bank is the right choice if you have been denied at other banks and need a checking account to receive direct deposit, pay bills, or use a debit card. It is also useful if you want to rebuild your banking history and eventually move to a traditional bank with lower fees.

It is not the right choice if you have access to a traditional bank account. The fees will cost you $100 to $180 per year in maintenance alone, plus overdraft and ATM fees on top of that. If you can open an account at a credit union or a bank that does not check ChexSystems, you will save money.

A Plus Bank is also not a solution if you are trying to hide money or avoid a creditor. Banks are required to report accounts to the IRS and to cooperate with court orders, so opening an account at A Plus Bank does not change that.

Alternatives to A Plus Bank

If you have been denied at A Plus Bank or want to explore other options, several alternatives exist. Credit unions often have more lenient approval processes than traditional banks and may not check ChexSystems at all. Online banks like Chime, LendingClub, or Varo also have lower approval barriers and charge lower fees, though some still check ChexSystems.

Prepaid cards are not bank accounts, but they let you load money onto a card and spend it like a debit card. They do not require approval and do not report to ChexSystems. The downside is that prepaid cards do not offer check-writing, do not build your banking history, and often charge per-transaction fees that add up quickly.

If you are trying to rebuild your ChexSystems record, ask the bank or credit union that reported you whether they will remove the record if you pay any outstanding fees or balances. Some will, which would open the door to traditional banks. This can take 3 to 6 months to resolve, but it is worth exploring before committing to A Plus Bank's higher fees.

Frequently Asked Questions

Will opening an A Plus Bank account hurt my credit score?

No. A Plus Bank does not check your credit report and does not report your account activity to the credit bureaus. Opening an account will not affect your credit score. However, if you overdraw repeatedly and the bank sends your account to collections, that could eventually show up on your credit report.

Can I use my A Plus Bank debit card everywhere?

Yes. Your debit card works on the Visa or Mastercard network (depending on which A Plus Bank issues), so you can use it at any merchant that accepts cards. You can also withdraw cash at ATMs, though out-of-network withdrawals will cost you $2 to $3 per transaction.

What happens if I overdraw my account?

A Plus Bank will charge you an overdraft fee, usually $30 to $35. The transaction may still go through, or it may be declined depending on the type of transaction and the bank's policies at that moment. Check your account balance before spending to avoid overdraft fees.

Can I move my A Plus Bank account to a different bank later?

Yes. Once you have maintained an A Plus Bank account for several months without problems, you may be able to open an account at a traditional bank or credit union. Provide your new bank with your A Plus Bank account and routing number so they can transfer your balance and set up direct deposit at your new institution.

Is A Plus Bank FDIC insured?

Yes. A Plus Bank is FDIC insured up to $250,000 per account holder, the same as any other bank. Your money is protected even if the bank fails.