Have you been denied a checking account due to a negative banking history? If so, you’re not alone, and there are still options available to help you regain access to financial services, even if traditional banks have turned you down.
ChexSystems is a consumer reporting agency that tracks banking activities, such as unpaid fees, overdrafts, and account closures. These records can remain active in ChexSystems for up to five years, which can make it difficult to open new accounts. Since around 80% of banks and credit unions in the U.S. rely on ChexSystems, this can pose a significant barrier for individuals with a troubled banking history.
Frost Bank’s ChexSystems Policy
If you’re considering opening a checking account with Frost Bank, it’s worth noting that they do use ChexSystems when reviewing applications. This means that negative entries, such as unpaid fees or overdrafts, on your ChexSystems report could affect your chances of being approved for an account.
How ChexSystems Can Impact Your Banking Options
ChexSystems can limit your access to traditional banking services by flagging past issues, making it difficult to get approved for new accounts. However, not all financial institutions rely on ChexSystems, and there are still banks and credit unions that offer accounts regardless of your ChexSystems history.
Alternatives to Frost Bank That Don’t Use ChexSystems
If Frost Bank’s use of ChexSystems is a concern for you, there are several banks and credit unions that don’t base their decisions on ChexSystems reports. Here are three excellent 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.
