Does SoFi Use ChexSystems?

Have you been denied a checking or savings account due to past banking issues? Many financial institutions rely on ChexSystems, which tracks negative banking activity like overdrafts and unpaid fees. If you’ve been reported, this information can stay on your record for up to five years, making it difficult to open a new account.

Since about 80% of banks and credit unions use ChexSystems, it can feel like your options are limited. However, some banks don’t use this system, and others offer second-chance accounts designed to help people in your situation.

SoFi: ChexSystems-Free Banking

SoFi is a popular choice for people with negative banking history because they don’t use ChexSystems to screen applicants. This makes it an excellent option if you’ve been denied by traditional banks.

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• 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

The SoFi Checking and Savings account ensures a hassle-free experience with no overdraft fees, minimum balance fees, or monthly fees.

For a limited period, SoFi is offering a rewarding bonus of up to $300 to customers who make qualifying direct deposits. Plus, enjoy access to over 55,000 Allpoint® Network ATMs courtesy of SoFi.

You can also enjoy the convenience of receiving your paycheck up to 2 days in advance with SoFi’s early direct deposit feature.

One of the defining features of SoFi is its impressive annual percentage yield (APY) – up to 3.80% on savings and 0.50% on checking balances, all tied to direct deposits. There’s no need for a minimum direct deposit amount to enjoy these rates.

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However, it’s worth noting that SoFi is not your only option. Numerous other banks and credit unions also choose not to use ChexSystems. Here are some excellent alternatives to consider:

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• Up to $400 sign-up bonus
• $25 minimum opening deposit
• Monthly service fee can be waived
• Over 40,000 fee-free ATMs

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• 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

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• 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.