Are you finding it difficult to obtain a checking account due to a negative banking history? If so, you’re not alone. Many people face this challenge, but fortunately, there are alternative banking solutions available that can help you rebuild your financial standing.
ChexSystems is a consumer reporting agency that tracks specific banking behaviors, such as unpaid fees, overdrafts, and account closures. A record in ChexSystems can remain active for up to five years, making it harder to open new accounts. Since about 80% of banks and credit unions in the U.S. rely on ChexSystems, this can be a significant obstacle for many individuals.
CIT Bank’s ChexSystems Policy
If you’re considering opening a checking account with CIT Bank, be aware that they do use ChexSystems when reviewing account applications. This means that if your ChexSystems report contains negative entries, such as unpaid fees or overdrafts, it could affect your chances of being approved for a checking account.
The Impact of ChexSystems on Your Banking Options
Having a ChexSystems record can limit your access to traditional banking services, but it doesn’t mean you’re out of options. Some banks and credit unions offer second chance accounts, while others don’t use ChexSystems at all, providing an opportunity to rebuild your financial profile.
Alternatives to CIT Bank That Don’t Use ChexSystems
Even though CIT Bank uses ChexSystems, several other banks and credit unions don’t. These banks give you more flexibility if your banking history has caused problems in the past. Here are three 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
- 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.
