If you’ve been denied a checking account due to a negative banking history, you’re not alone. Many people face similar challenges because of ChexSystems, a consumer reporting agency that tracks certain banking activities like unpaid fees, overdrafts, and closed accounts. These records can remain on file for up to five years, making it difficult to open new accounts.
ChexSystems and Its Impact on Banking
Approximately 80% of banks and credit unions in the U.S. use ChexSystems to screen applicants. A negative report can result in denied applications, which limits your options for traditional banking services. However, not all financial institutions rely on ChexSystems, and some offer second chance accounts that give people the opportunity to rebuild their financial history.
Santander’s Use of ChexSystems
Santander Bank does use ChexSystems when reviewing applications for checking accounts. This means that if you have negative entries in your ChexSystems report, it could impact your ability to open an account with them.
Consider These Alternatives to Santander
If ChexSystems is preventing you from opening an account at Santander, there are other banks and credit unions that don’t rely on ChexSystems. Here are three great options 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.
