ChexSystems plays a significant role in the banking industry, affecting many consumers’ ability to open new accounts. If you’re thinking about banking with Academy Bank, you might be curious about their ChexSystems policies. Below, we will explain Academy Bank’s practices and provide helpful alternatives for those facing banking difficulties.
How ChexSystems Impacts Your Banking Options
ChexSystems is a consumer reporting agency that collects information on consumers’ banking activities. It records data on closed accounts, overdrafts, and unpaid fees. Banks and credit unions use this information to assess the risk when considering new account applications.
The widespread use of ChexSystems can create challenges for many consumers:
- Approximately 80% of U.S. banks and credit unions use ChexSystems.
- Negative records can remain in the system for up to five years.
- A negative ChexSystems report often results in rejected account applications.
- Some banks offer “second chance” accounts for people affected by negative reports.
Academy Bank and ChexSystems
Regarding Academy Bank, the answer to whether they use ChexSystems is yes. They do use this reporting system as part of their account opening procedures. However, there’s more to consider:
- Academy Bank doesn’t publicly disclose their specific ChexSystems policies in detail.
- They may look at other factors beyond just the ChexSystems report.
- Contacting Academy Bank directly can provide more information about your specific situation.
Alternatives to Consider
If Academy Bank’s use of ChexSystems is a problem for you, consider these options that don’t use ChexSystems:
U.S. Bank
- Up to $400 sign-up bonus
- $25 minimum opening deposit
- Monthly service fee can be waived
- Over 40,000 fee-free ATMs
SoFi
- Up to $300 sign-up bonus with direct deposit
- No minimum opening deposit
- Earn up to 3.80% APY
- Over 55,000 fee-free ATMs
- Early pay with direct deposit
Current
- Build credit and earn points with every swipe
- No minimum opening deposit or maintenance fees
- Get paid up to 2 days faster
- No credit check or ChexSystems
Learn More
- Banks That Don’t Use ChexSystems – Take the first step to rebuilding your banking history with our list of banks that do not use ChexSystems for account approval.
- Credit Unions That Don’t Use ChexSystems – Find a credit union that will work with you, not against you. Learn about the credit unions that don’t use ChexSystems.
- Am I in ChexSystems? – Unsure if you’re in ChexSystems? Learn how to find out and take control of your financial status.
- How to Get Out of ChexSystems – Learn how to get out of ChexSystems in four simple steps.
- Second Chance Checking Accounts – Take control of your financial future with our list of over 250 banks that offer second chance checking accounts.
