Money Market and Brokerage Accounts that do not use chex
Date: Wed, 01/16/2008 - 09:28
Many times people ask me where they can get a money market or brokerage account where chex will not be ran. Here are some options that may help in this matter. Franklin Templeton is an excellent option since they provide a platinum master card that has (free insurance with all car rentals) when the card is used to rent a car. The Capital One money market account is also a favorite with those on chexsystems.
TD WATERHOUSE BANK
Special Notes:
They will open the brokerage account without checking Chexsystems, but when you apply for the banking portion ( a checking account ), you will checked in chexsystems.
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FRANKLIN TEMPLETON
URL: franklintempleton.com
Important Information:
1.800.632.2301 phone
-will not check chexsystems, telecheck or do a credit check for a money market account ONLY. They will run chexsystems for a checking account. This acount should not be used as a business account.
This is a money market account. NOT a checking acount. It does have checking account features (ie checks, debit card). But checks can ONLY be written for 500.00 and above. You can use the debit card feature for any amount you wish though.
Your initial opening deposit can be handled in two ways. You can send a personal OR Cashiers check (NO MONEY ORDERS) in the amount of 1000.00 along with your application. OR you can choose to have 50.00 debited from a banking account. The second option is obviousy optimum, but may pose a problem for those without access to a checking account currently.
Special Notes:
The questions on the application are a little confusing to someone who has never opened an investment account. Heres what you need to do.
Pull the Money Market Funds Application online, Print it out.
First. Fill out the account holder information. Individual or Joint applicant.
Section 1: Trust/Corporation etc.. Dont fill this out, UNLESS you are applying for this as a corporation or granted trust. (most wont be doing this)
Section2: Dividend Distribution... Most people chose to reinvest. Simply means where do you want the interest/dividends that you earn on your money sent at the end of the month/year. Reinvesting will put them back into your account.
Section3: Fund Selections. Choose Franklin Money Fund 0111. Currently provides the best rate of return on your money.
Section 4a:DONT check anything, Unless you DONT want to access your account via telephone.
Section 4b: If you chose this option , you can open your account with 50.00. Otherwise you have an opening deposit of 1000.00. Chosing this option requires you to deposit atleast 50.00 a year into your account automatically (via direct deposit OR checking account). You have to set up a bank draft later in section 4e.
Section 4c: Ignore this for now. If your account reached 5000.00 you will have an option to have some of the money withdrawn to avoid taxes.
Section 4d: Alternative Payee. Fill this out if you want your dividends to go to someone other than yourself.
Section 4e: If you cant link a current checking account to this money market account, you will HAVE TO SEND 1000.00 to open the account . Cashiers (bank check) or personal check is the ONLY method of payment they accept. Thanks to John Ashcrofts god D***ed Patriot Act.
AND, forgot to mention. You can make depoits into this account at any Bank of America Branch in California Only (but NOT an opening deposit).
Section 5: if you want to have checks (obviosuly so) check the appropriate option. REMEMBER, Checks can ONLY be written for 500.00 and above.
Section 6: self explanitory
Section 7: self explanitory.
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CAPITAL ONE MONEY MARKET ACCOUNT
URL: capitalone.com/investments/mm/index.php?external_id=WWW_12514_XXX_...
Important Information:
-does not use chexsystems, credit check or telecheck
For anyone interested in savings (or only 6 withdrawals per month) you can apply for this account online. I called and they do not check credit, chex or telecheck. It is a money market account, you can get ATM (not check) card and you can also get checks. You can open with $100.00. FDIC insured to $100,000.00. Would be great if you have direct deposit, or just good for savings. Just go to capitalone.com and you will see area for savings and then applications.
-you can fund this account with a personal check or wire transfer..after you fill out the info, they will tell you instructions to wire
Q: What is a wire transfer?
A: A fast and secure way to fund your account is by sending a wire transfer. Please contact the financial institution that is currently holding your funds and instruct them to send a wire transfer to your new Capital One Savings account. At the end of the application process, we will supply you with the information you will need to make that request.
After filling out the application
1) Account number:
Please use your Confirmation Number ( your confirm number here )
2) Capital One ABA number:
056073502
3) Please advise the sending financial institution to include the following information under beneficiary: 56789
4) Please advise the sending financial institution to include the following information under special instructions:
For further credit to Capital One Confirmation Number ( your confirm number here )
TD WATERHOUSE BANK
Special Notes:
They will open the brokerage account without checking Chexsystems, but when you apply for the banking portion ( a checking account ), you will checked in chexsystems.
------------------------------------
FRANKLIN TEMPLETON
URL: franklintempleton.com
Important Information:
1.800.632.2301 phone
-will not check chexsystems, telecheck or do a credit check for a money market account ONLY. They will run chexsystems for a checking account. This acount should not be used as a business account.
This is a money market account. NOT a checking acount. It does have checking account features (ie checks, debit card). But checks can ONLY be written for 500.00 and above. You can use the debit card feature for any amount you wish though.
Your initial opening deposit can be handled in two ways. You can send a personal OR Cashiers check (NO MONEY ORDERS) in the amount of 1000.00 along with your application. OR you can choose to have 50.00 debited from a banking account. The second option is obviousy optimum, but may pose a problem for those without access to a checking account currently.
Special Notes:
The questions on the application are a little confusing to someone who has never opened an investment account. Heres what you need to do.
Pull the Money Market Funds Application online, Print it out.
First. Fill out the account holder information. Individual or Joint applicant.
Section 1: Trust/Corporation etc.. Dont fill this out, UNLESS you are applying for this as a corporation or granted trust. (most wont be doing this)
Section2: Dividend Distribution... Most people chose to reinvest. Simply means where do you want the interest/dividends that you earn on your money sent at the end of the month/year. Reinvesting will put them back into your account.
Section3: Fund Selections. Choose Franklin Money Fund 0111. Currently provides the best rate of return on your money.
Section 4a:DONT check anything, Unless you DONT want to access your account via telephone.
Section 4b: If you chose this option , you can open your account with 50.00. Otherwise you have an opening deposit of 1000.00. Chosing this option requires you to deposit atleast 50.00 a year into your account automatically (via direct deposit OR checking account). You have to set up a bank draft later in section 4e.
Section 4c: Ignore this for now. If your account reached 5000.00 you will have an option to have some of the money withdrawn to avoid taxes.
Section 4d: Alternative Payee. Fill this out if you want your dividends to go to someone other than yourself.
Section 4e: If you cant link a current checking account to this money market account, you will HAVE TO SEND 1000.00 to open the account . Cashiers (bank check) or personal check is the ONLY method of payment they accept. Thanks to John Ashcrofts god D***ed Patriot Act.
AND, forgot to mention. You can make depoits into this account at any Bank of America Branch in California Only (but NOT an opening deposit).
Section 5: if you want to have checks (obviosuly so) check the appropriate option. REMEMBER, Checks can ONLY be written for 500.00 and above.
Section 6: self explanitory
Section 7: self explanitory.
---------------------------------------------------------
CAPITAL ONE MONEY MARKET ACCOUNT
URL: capitalone.com/investments/mm/index.php?external_id=WWW_12514_XXX_...
Important Information:
-does not use chexsystems, credit check or telecheck
For anyone interested in savings (or only 6 withdrawals per month) you can apply for this account online. I called and they do not check credit, chex or telecheck. It is a money market account, you can get ATM (not check) card and you can also get checks. You can open with $100.00. FDIC insured to $100,000.00. Would be great if you have direct deposit, or just good for savings. Just go to capitalone.com and you will see area for savings and then applications.
-you can fund this account with a personal check or wire transfer..after you fill out the info, they will tell you instructions to wire
Q: What is a wire transfer?
A: A fast and secure way to fund your account is by sending a wire transfer. Please contact the financial institution that is currently holding your funds and instruct them to send a wire transfer to your new Capital One Savings account. At the end of the application process, we will supply you with the information you will need to make that request.
After filling out the application
1) Account number:
Please use your Confirmation Number ( your confirm number here )
2) Capital One ABA number:
056073502
3) Please advise the sending financial institution to include the following information under beneficiary: 56789
4) Please advise the sending financial institution to include the following information under special instructions:
For further credit to Capital One Confirmation Number ( your confirm number here )
thanks mca for the info Money Market of Capital One doesn't use
thanks mca for the info
Money Market of Capital One doesn't use Chex System to open up an account. Basicly, you deposit the money in the account and you can use the ATM card to withdraw money from Plus ATMs Location.