Have you been denied a checking account due to a negative banking history? If so, you’re not alone. Many people encounter this issue, but there are alternative banking solutions that can help you regain access to the financial services you need.
ChexSystems is a consumer reporting agency that monitors certain banking activities, such as unpaid fees, overdrafts, and account closures. These records can remain active for up to five years, making it difficult to open new accounts. Since around 80% of U.S. banks and credit unions use ChexSystems, this can be a significant barrier for those with a troubled banking past.
How ChexSystems Affects Your Banking Options
A ChexSystems record can limit your ability to open a new checking account at traditional banks. However, that doesn’t mean you’re out of options. Some banks and credit unions offer second chance accounts, while others don’t rely on ChexSystems at all, giving you the opportunity to rebuild your financial standing and move forward.
First Financial Bank’s ChexSystems Policy
If you’re considering opening a checking account with First Financial Bank, it’s important to know that they do use ChexSystems as part of their account review process. This means that any negative entries in your ChexSystems report could affect your chances of being approved.
Alternatives to First Financial Bank
If First Financial Bank’s use of ChexSystems poses a problem, there are other financial institutions that offer more flexibility. Here are three great alternatives 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.
