If you’ve been denied a checking account because of a negative banking history, it’s essential to know that you’re not out of options. Many financial institutions use ChexSystems to track banking behavior, such as unpaid fees, overdrafts, or account closures. These records can stay on file for up to five years, often making it difficult to open new accounts during that time.
ChexSystems and Its Role in Banking
Roughly 80% of U.S. banks and credit unions rely on ChexSystems to help assess the risk of new applicants. If your record includes negative marks, you could face challenges when trying to open a new account. However, not all banks use ChexSystems, and some offer second chance accounts designed specifically to help people with a difficult banking history reestablish themselves.
Axiom Bank’s Approach to ChexSystems
The good news for potential customers is that Axiom Bank does not use ChexSystems when evaluating checking account applications. This means that if you have a negative ChexSystems report, you can still open an account with them. Axiom Bank provides several checking account options, allowing flexibility for individuals who may have been denied elsewhere.
If Axiom Bank doesn’t meet all your needs, there are other financial institutions that also don’t rely on ChexSystems. Here are a few more options you may want 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.
