If you’ve been turned down for a checking account because of a negative banking history, you’re not alone. ChexSystems is a consumer reporting agency that tracks your banking activities, such as unpaid fees, overdrafts, and closed accounts. These reports can stay on file for up to five years, making it difficult to open new accounts during that time.
How ChexSystems Affects Your Banking Options
Approximately 80% of U.S. banks and credit unions rely on ChexSystems to evaluate new account applications. If your report contains negative marks, this can lead to denied applications, restricting your access to financial services.
This can be especially frustrating if your banking history has improved, but the negative record persists. However, not all financial institutions use ChexSystems. Some offer second-chance accounts, which are designed to help individuals with prior banking issues regain access to essential banking services.
East West Bank’s ChexSystems Policy
Unfortunately, East West Bank does use ChexSystems to screen applicants for checking accounts. If you have a negative ChexSystems report, your application may be denied by East West Bank. This can be a setback for individuals trying to move past previous banking mistakes and re-establish themselves in the financial system.
Alternatives to East West Bank That Don’t Use ChexSystems
There are several other banks and credit unions that do not use ChexSystems when evaluating account applications. These alternatives can provide a path to banking without the limitations that come with a negative ChexSystems report. Here are some excellent options to consider:
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.
