Have you been turned down for a checking account due to a negative banking history? If so, you still have several banking options to consider. Even with past challenges, many banks offer solutions that help individuals rebuild their financial standing.
ChexSystems is a consumer reporting agency that tracks specific banking behaviors, such as unpaid fees, overdrafts, or closed accounts. These records can remain active for up to five years, which may hinder your ability to open new accounts. Since around 80% of banks and credit unions in the U.S. use ChexSystems, it can be a significant barrier to traditional banking services.
Chase’s Policy on ChexSystems
If you’re thinking about applying for a checking account with Chase, it’s important to note that they do use ChexSystems for most of their accounts. This means that negative entries on your ChexSystems report could affect your ability to get approved for a regular Chase account.
Chase Secure Banking: A ChexSystems-Free Option
The good news is that Chase offers a second chance option called Chase Secure Banking, which does not rely on ChexSystems during the approval process. This account is designed for individuals who need a fresh start and offers basic banking services without the risk of overdraft fees.
Alternatives to Chase for Non-ChexSystems Accounts
While Chase’s Secure Banking account is a strong option, there are also other banks and credit unions that do not rely on ChexSystems when approving accounts. Here are a few excellent alternatives:
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
- Chase Secure Banking – Discover the top features and benefits of Chase Secure Banking with our comprehensive review.
- 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.
