Dave Checking

What it is

An app-based checking account from Dave, a fintech, with deposits held at Coastal Community Bank (or Evolve Bank & Trust for some accounts). Dave says there is no credit check and no minimum balance to sign up, and the checking account itself has no overdraft fees. A separate Dave membership (up to $5 a month) unlocks ExtraCash advances, which carry their own overdraft fee. The app no longer takes mobile check deposits.^1,2

Does Dave use ChexSystems?

Dave says there's no credit check to open this account. This is a 'no credit check' statement only. Dave's fees page says there are no credit checks or minimum balance requirements to sign up for Dave Checking, and its home page says Dave never requires a credit check. Neither page, nor the Coastal checking agreement, mentions ChexSystems.¹

Dave says there's no credit check to apply.

Fees and overdraft

Monthly fee

$0. The Coastal checking agreement lists no monthly maintenance fee, and you can fund the account with as little as $1. A separate Dave membership of up to $5 a month covers ExtraCash, Income Opportunity Services and Financial Management Services, and you can cancel it in the app. Other fees: $3 per out-of-network ATM withdrawal, 1.5% for instant withdrawals, and a $5 monthly inactivity fee after 12 months with no activity.^1,2,3

Minimum to open

$0

Overdraft

Dave Checking charges no overdraft or insufficient-funds fees, and Dave can refuse a transaction you can't cover; any negative balance must be repaid right away. ExtraCash is a separate, optional overdraft account offering $25-$500 (few members qualify for $500). It charges an overdraft fee of $5 or 5%, whichever is greater, is repayable on demand, and eligibility is set by Dave's own risk model.

ATMs

Free at 40,000+ MoneyPass ATMs; $3 per out-of-network withdrawal plus any operator fee.

Early direct deposit

Yes

Who can open it

App-based. Open to U.S. citizens and lawful permanent residents 18 or older with an SSN or tax ID and a U.S. physical address or APO/FPO address, in the 50 states, DC and several U.S. territories.

Deposit insurance: Dave is a financial technology company, not a bank. Banking services are provided by Coastal Community Bank, Member FDIC, or another partner bank; some accounts are under an Evolve Bank & Trust (Member FDIC) agreement. Deposits are FDIC-insured on a pass-through basis up to $250,000 if conditions are met, and the insurance covers only the failure of the bank holding the account.

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