Have you been rejected for a checking account because of a negative banking history? If so, it’s important to know that there are other banking solutions available that could work for you.
ChexSystems is a consumer reporting agency that tracks your banking activities, including unpaid fees, overdrafts, and account closures. These records can stay on your report for up to five years, often making it difficult to open new accounts. Since around 80% of banks and credit unions in the U.S. use ChexSystems, it can be a common stumbling block for people with past banking issues.
How ChexSystems Can Limit Your Banking Options
A ChexSystems record can close the door on many banking opportunities, but it doesn’t mean you’re without options. Several financial institutions offer second chance accounts, while others do not use ChexSystems at all. These options provide a way to regain control of your finances and rebuild your banking profile.
Atlantic Union Bank’s ChexSystems Policy
If you’re thinking of opening a checking account with Atlantic Union Bank, be aware that they do use ChexSystems as part of their application review process. This means that if you have a negative entry in your ChexSystems report, it could affect your chances of being approved for an account.
Alternatives to Atlantic Union Bank
If Atlantic Union Bank’s use of ChexSystems is standing in your way, don’t worry—there are other banks and credit unions that do not rely on ChexSystems. Here are three excellent options 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.
