A business checking account with no credit check is a great way to manage your business’ finances. It can help you centralize income, sales, and expenses. Plus, it can save you money by reducing transaction fees and overdrafts.
How to open a business checking account with no credit check
To open a business checking account, you need to be able to provide documents such as a tax return or a bank statement from within the past three months. Depending on the type of account you apply for, the bank may run a credit search or use other checks to verify your identity and your risk of opening the account.
Navigating the Process: How to Open a Business Checking Account with No Credit Check
Some banks, like Small Business Bank, offer a business checking account with no credit check that can be opened instantly and with no monthly maintenance fees. They also only require a small $5 deposit to open the account.
Many business owners with bad credit have had trouble opening a bank account. One option is to work with a bank that doesn’t use ChexSystems, which is a consumer reporting agency that collects information on people who have written bad checks or had accounts closed for cause.
Another option is to work with a second chance banking provider, which typically offers personal and business checking accounts. This will give you the opportunity to rebuild your banking history, eliminating negative items from your ChexSystems report (they keep records for five years).