If you’ve been denied a checking account due to a negative banking history, don’t worry—there are still options available to you. ChexSystems is a consumer reporting agency that tracks your banking behaviors, such as unpaid fees, overdrafts, or account closures. Records in ChexSystems can remain active for up to five years, making it difficult to open new accounts with many financial institutions.
The Role of ChexSystems in Banking Decisions
Roughly 80% of banks and credit unions in the U.S. rely on ChexSystems to evaluate new account applications. A negative report can lead to denied applications, limiting your access to traditional banking services. However, not all banks rely on ChexSystems, and some offer second chance accounts to help people rebuild their financial history.
Synchrony Bank’s Account Approval Process
Synchrony Bank does use ChexSystems when screening applicants for checking accounts. If your ChexSystems report includes negative entries, it could affect your chances of being approved. While this may restrict your options, there are still other financial institutions that don’t use ChexSystems for account approval.
Flexible Banking Alternatives
If Synchrony Bank’s ChexSystems policy is a barrier, you still have options. Here are some excellent banks and credit unions 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.
