Have you been denied a checking account because of a negative banking history? If so, you’re not alone, but there are alternative solutions that can help you regain access to essential financial services.
ChexSystems is a consumer reporting agency that monitors specific banking behaviors, such as unpaid fees, overdrafts, and account closures. These records can stay active for up to five years, making it difficult to open new accounts. Since about 80% of U.S. banks and credit unions use ChexSystems, many people face challenges when applying for a checking account.
How ChexSystems Affects Your Banking Options
A record with ChexSystems can limit your options at traditional financial institutions. However, not every bank relies on ChexSystems, and some even offer second chance accounts, giving you the opportunity to rebuild your financial reputation.
First Hawaiian Bank’s ChexSystems Policy
First Hawaiian Bank does use ChexSystems when reviewing new account applications. This means that if your ChexSystems report contains negative entries, it could affect your ability to open an account.
Alternatives to First Hawaiian Bank
If ChexSystems is proving to be an obstacle with First Hawaiian Bank, don’t worry—other banks and credit unions offer more flexible options. Here are three exceptional 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.
