If you’ve faced difficulties opening a checking account due to a negative banking history, you may be wondering what your options are. ChexSystems is a consumer reporting agency that tracks banking activities such as unpaid fees, overdrafts, and closed accounts. This information can stay on your record for up to five years, making it harder to open new accounts during that time.
How ChexSystems Impacts Your Banking Options
Approximately 80% of banks and credit unions in the U.S. rely on ChexSystems when evaluating new account applications. A negative ChexSystems report can lead to denied applications, which limits access to traditional banking services. However, not all financial institutions rely on ChexSystems, and some offer second chance accounts designed to help individuals rebuild their banking history.
Quontic Bank’s ChexSystems Policy
Unfortunately, Quontic Bank does use ChexSystems when reviewing applications. This means that if you have a negative report, you may face challenges in opening an account with them. While this may feel like a setback, there are other financial institutions that do not use ChexSystems and offer more flexible options.
If Quontic Bank’s ChexSystems policy doesn’t align with your needs, consider exploring banks that don’t rely on ChexSystems:
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.
