Have you been denied a checking account due to a negative banking history? If this sounds familiar, you’re not alone. The good news is that there are alternative banking solutions available that can help you rebuild your financial standing and access essential banking services.
ChexSystems is a consumer reporting agency that tracks specific banking behaviors, such as unpaid fees, overdrafts, and account closures. These records can remain on your file for up to five years, making it more difficult to open new accounts. Since about 80% of U.S. banks and credit unions rely on ChexSystems, it’s a common barrier for many people with past banking issues.
How ChexSystems Can Limit Your Banking Options
A record with ChexSystems can restrict your access to traditional checking accounts, but that doesn’t mean you’re without alternatives. Many financial institutions either don’t use ChexSystems or offer second chance accounts, giving you an opportunity to rebuild your financial profile.
Consumers Credit Union’s ChexSystems Policy
Consumers Credit Union does use ChexSystems when reviewing new account applications. This means that if your ChexSystems report contains negative entries, such as unpaid fees, it could affect your chances of being approved for a checking account.
Flexible Banks That Don’t Rely on ChexSystems
If ChexSystems is an obstacle for you at Consumers Credit Union, there are other options. Several banks and credit unions do not rely on ChexSystems, offering you more flexibility in your banking choices. 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.
