If you’ve been denied a checking account due to a negative banking history, you might feel like your banking options are limited. ChexSystems is a consumer reporting agency that tracks banking activities such as unpaid fees, overdrafts, and closed accounts. These records can remain on file for up to five years, making it difficult to open new accounts at most banks and credit unions during that time.
The Impact of ChexSystems on Your Banking Choices
Roughly 80% of banks and credit unions in the U.S. rely on ChexSystems when evaluating applicants for new accounts. If you have a negative report in the system, it can result in denied applications and limit your access to traditional banking services.
However, not all financial institutions use ChexSystems, and some offer second chance accounts that help individuals with a negative banking history regain access to banking services.
TBK Bank’s Policy on ChexSystems
The good news is that TBK Bank does not use ChexSystems when reviewing applications for checking accounts. This opens up opportunities for those with a troubled banking history to still open an account and manage their finances.
While TBK Bank provides a great option, it’s important to know that other banks and credit unions also don’t rely on ChexSystems. If TBK Bank doesn’t meet all your needs, here are a few alternatives worth considering:
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.
