Being denied a checking account because of a negative banking history can feel like a setback. ChexSystems is a consumer reporting agency that tracks your banking activities such as unpaid fees, overdrafts, and account closures. These records can remain on file for up to five years, limiting your options for opening new accounts during that time.
The Role of ChexSystems in Banking
Unfortunately, about 80% of all banks and credit unions in the U.S. rely on ChexSystems when deciding whether to approve new account applications. A negative report can result in your application being denied, leaving you with fewer banking options. However, not every financial institution uses ChexSystems, and some banks offer second chance accounts to help individuals rebuild their banking history.
Commerce Bank’s ChexSystems Policy
Commerce Bank does use ChexSystems when reviewing checking account applications. This means that if you have a negative ChexSystems report, you may encounter difficulties opening an account with them. Commerce Bank does not offer second chance accounts, which may limit your options if you’ve had issues in the past.
Alternatives to Commerce Bank
If Commerce Bank’s use of ChexSystems doesn’t align with your needs, there are several banks and credit unions that do not use ChexSystems. Here are some great 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.
