Have you been turned down for a checking account due to a negative banking history? If so, you’re not alone—but there are alternative banking solutions that can help you regain access to essential financial services.
ChexSystems is a consumer reporting agency that monitors banking behaviors, such as unpaid fees, overdrafts, and closed accounts. A record in ChexSystems can remain active for up to five years, making it difficult to open new accounts. Unfortunately, about 80% of U.S. banks and credit unions use ChexSystems to screen applicants, which can limit your options.
Ally Bank’s ChexSystems Policy
If you’re considering opening a checking account with Ally Bank, it’s important to know that they do use ChexSystems when reviewing new account applications. This means that if your ChexSystems report includes negative entries, it could impact your chances of being approved for an account with Ally.
Overcoming ChexSystems Barriers
While Ally Bank does use ChexSystems, there are many banks and credit unions that don’t, offering you more flexibility if your banking history has caused issues in the past. Some institutions even offer second chance accounts designed specifically for individuals looking to rebuild their financial standing.
Alternatives to Ally Bank That Don’t Use ChexSystems
If you’re worried about being affected by ChexSystems at Ally Bank, there are several other options that don’t rely on this system for account approval. Here are three great alternatives to explore:
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.
