2. Open a Checking Account Online

Verification Process

As part of the application process, the bank verifies your credit history and generates a consumer banking report. If you have a “thin” credit history due to not having much in your credit report, the bank may require additional information.

The consumer banking report will likely be conducted by ChexSystems or Early Warning Services. These agencies investigate whether you have a history of bouncing checks, refusing to pay late fees, or have had accounts closed due to mismanagement on your part. According to the Fair Credit Reporting Act (FCRA), information about accounts closed for “cause” can remain on your consumer banking report for up to seven years.

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