If your application for a checking account has been denied due to a negative banking history, you’re not alone. ChexSystems is a consumer reporting agency that tracks various banking behaviors such as unpaid fees, overdrafts, and closed accounts. These records can remain on file for up to five years, making it difficult for individuals with negative reports to open new accounts.
How ChexSystems Can Limit Your Banking Options
Approximately 80% of banks and credit unions across the U.S. use ChexSystems when reviewing new account applications. A negative report on your file can result in denials, restricting access to traditional banking services. However, some banks do not rely on ChexSystems, and a few offer second chance accounts to help individuals rebuild their financial standing.
Renasant Bank and ChexSystems
Fortunately, Renasant Bank does not use ChexSystems when evaluating checking account applications. This means that even if you have a negative ChexSystems report, you can still open an account with Renasant Bank. They provide numerous checking account options, making it easier for individuals with past banking issues to regain control of their finances.
If Renasant Bank doesn’t meet your specific needs, there are other banks and credit unions that also don’t use ChexSystems. Here are some alternatives worth exploring:
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.
