If you have poor financial credit, many banks will consider you to be a major risk. Banks don’t like to take major risks. Banks consider a financial risk as someone who has bounced checks, kited checks, accrued NSF fees, or even had a negative balance for a specific amount of time.
Oftentimes, once your poor credit has been noticed you will no longer be extended the opportunity to bank with ChexSystems banks, which most banks are. ChexSystems is an agency that collects data on financial customers. They monitor for risks in order to protect banks and credit unions from extending services to people who have a habit of being financially irresponsible.
However, every state has what are sometimes called ‘last chance banks’ or ‘non-ChexSystems banks’ which provide services to customers with bad credit. These financial institutions accept you, knowing that you are a risk. Because of this, they may require you to provide a security deposit to be held in reserve, in case of NSF fees. If you can find a bank to give you this opportunity, then you can rebuild your credit.
Iowa has one financial institution that is a Non ChexSystems Banks. You may want to start with it and see if it can provide the services you are looking for. If this bank is not an option for you, you may be able to do research on the Internet. New non ChexSystems banks may open up.
Please note that the information about non chexsystems banks changes each year (even month). We cannot guarantee any of the banks listed won’t do a non chexsystems check (though at the time of compiling, these banks don’t require a chexsystems check). You will have to call the banks to see.
If you have problems opening up a bank account, the best solution is to open up an online bank account here.
Non Chexsystems Banks
- Farmers and Merchants Bank & Trust (866) 235-3124