If you’ve been denied a checking account because of a negative banking history, you might feel limited in your options. ChexSystems is a consumer reporting agency that tracks your banking activities, such as unpaid fees, overdrafts, and closed accounts. These reports can stay active for up to five years, which can make it difficult to open new accounts during that period.
How ChexSystems Impacts Your Banking Opportunities
With roughly 80% of banks and credit unions across the U.S. using ChexSystems to evaluate applicants, a negative report can cause issues when trying to open a new account. However, not all financial institutions rely on ChexSystems. Some offer “second chance” accounts designed to help individuals who have faced previous banking challenges rebuild their financial standing.
Cadence Bank’s ChexSystems Policy
Fortunately, Cadence Bank does not use ChexSystems to screen new checking account applications. This allows individuals with a negative banking history to open an account without the restrictions often imposed by ChexSystems. Whether you’re seeking a standard checking account or more flexible options, Cadence Bank offers solutions that do not rely on ChexSystems.
While Cadence Bank is a solid choice for those looking to avoid ChexSystems, other banks and credit unions also offer similar flexibility. Here are a few 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.
