Current Account

What it is

An app-based spending account from Current, a fintech, with banking services provided by Choice Financial Group and/or Cross River Bank. Its fee schedule has no monthly fee, and Current says it does not run a credit check at sign-up. It suits people who want a debit card account with mobile check deposit and no checkbook.^2,3

Does Current use ChexSystems?

Current says there's no credit check to open this account. This is a 'no credit check' statement only. Current's sign-up help article says it does not run a credit check, though any new account may affect a credit score. ChexSystems is not mentioned there or in the deposit agreement, which says Current may use third-party information to decide eligibility.¹

Current says there's no credit check to apply.

Fees and overdraft

Monthly fee

$0. The fee schedule in the deposit agreement lists no monthly or membership fee. Listed fees include $3.50 per out-of-network ATM withdrawal (Current's product page says $2.50, so check the app before relying on either figure), $3.50 per cash deposit at participating retailers, a $5 monthly inactivity fee after 12 months with no activity, and a $10 account closure fee.^2,3,5

Minimum to open

Not stated

Overdraft

Normally you can't overdraw the account. Fee-free Overdraft is optional: it requires an eligible payroll deposit of $200 or more in the past 35 days and covers card purchases up to a limit that Current sets and can change (no published dollar amount). There is no fee or interest. A negative balance must be repaid within 60 days or the account may be restricted or closed. It isn't available on teen accounts.

ATMs

Current advertises 40,000+ fee-free ATMs (mostly Allpoint); $3.50 per out-of-network withdrawal, plus any operator fee.

Early direct deposit

Yes

Who can open it

Opened in the app. Sign-up needs a U.S. Social Security number, a U.S. residential address (no P.O. boxes) and a phone that can receive texts. The agreement says the account is for U.S. citizens; the debit card terms cover U.S. citizens or legal aliens living in the 50 states.

Deposit insurance: Current (Finco Services, Inc.) is a financial technology company, not an FDIC-insured bank. Banking services are provided by Choice Financial Group and/or Cross River Bank, Members FDIC. Current says pass-through FDIC insurance up to $250,000 is available on customer funds only if certain conditions are met, and that it only covers the failure of an FDIC-insured bank.

If you've been denied before

• If a bank or credit union turns you down because of a checking account report, it must send you an "adverse action" notice with the name and contact information of the reporting company it used.^8,9
• By law, you can get a free copy of your checking account report once every 12 months, and you are also entitled to a free copy if a bank turns you down because of it.^10,11
• If your checking account report has an error, you have the right to dispute it with the reporting company and with the bank or credit union that supplied the information. Under the FCRA, companies must investigate disputes free of charge.^10,11,12
• The Office of the Comptroller of the Currency (OCC) says negative information generally stays on ChexSystems and Early Warning Services reports for five years.¹³

ChexSystems, explained