Business Checking Accounts and ChexSystems
Running a business without a checking account is nearly impossible in this day and age. But have no fear, there are options for people who are listed on ChexSystems, but need a business checking account.
Open a business checking account with a bank that does not use ChexSystems. Most Non-ChexSystems Banks will check credit, Telecheck or some other verification system to verify new accounts, so you will have to ask the bank.
Open a business checking account with a bank that offers Second Chance Checking Accounts. These banks will overlook your ChexSystems or Telecheck record, so approval rates are very high. Second Chance Checking Accounts only work if you do not have a reported case of fraud.
Incorporate your business and open a business checking account using the business’ TIN instead of your Social Security Number. TIN stands for Taxpayer Identification Number, and it is usually represented by the SSN (Social Security Number for individuals) or the EIN (Employer Identification Number for businesses). To learn more about incorporating your business, check out LegalZoom or MyCorporation.
It’s hard enough running a business, but running a business without a checking account puts you at a greater disadvantage. Hopefully one of these options will give you the freedom to grow your business.