Have you been denied a checking account due to a negative banking history? If so, you’re not alone, but there are alternatives that can help you get back on track and manage your finances effectively.
ChexSystems is a consumer reporting agency that monitors banking behaviors such as unpaid fees, overdrafts, and closed accounts. A negative mark in ChexSystems can stay on your record for up to five years, making it difficult to open new accounts. With about 80% of banks and credit unions in the U.S. relying on ChexSystems, this can become a significant obstacle.
How ChexSystems Affects Your Banking Choices
A negative ChexSystems record can limit your ability to access traditional banking services. However, not all financial institutions use ChexSystems, and some offer second chance accounts, giving you opportunities to rebuild your banking history.
Alliant Credit Union’s Account Review Process
If you’re considering opening a checking account with Alliant Credit Union, they do rely on ChexSystems during the application process. This means that any negative entries, such as unpaid fees or closed accounts, may affect your chances of being approved.
Exploring Other Banking Options
If Alliant Credit Union’s reliance on ChexSystems creates difficulties, don’t worry—there are plenty of banks and credit unions that don’t rely on ChexSystems. Here are some excellent alternatives to consider:
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.
