If you’ve had trouble opening a checking account due to a poor banking history, you’re not alone. ChexSystems is a consumer reporting agency that tracks financial activity, such as unpaid fees, overdrafts, and account closures. These records can linger for up to five years, which can make it difficult to get approved for new bank accounts.
The Role of ChexSystems in Banking
ChexSystems is used by roughly 80% of banks and credit unions in the U.S. to assess applicants. A negative ChexSystems report can lead to denied account applications, limiting your access to traditional banking services. Despite this, some financial institutions either don’t rely on ChexSystems or offer second chance accounts to help individuals rebuild their banking history.
Centennial Bank’s Approach to ChexSystems
Centennial Bank does use ChexSystems to evaluate checking account applications. However, if you’ve been denied elsewhere, Centennial Bank offers a second chance checking account to help those with a negative ChexSystems record get back into the banking system. This account can be a helpful solution if you’re looking to restore your financial standing.
Alternatives to Centennial Bank Without ChexSystems
If Centennial Bank doesn’t meet your needs, there are other options. Many banks and credit unions don’t rely on ChexSystems at all. Here are a few worth considering:
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.
