If you’ve been denied a checking account due to a negative banking history, it’s essential to know that you still have options. Many people face similar challenges, but there are financial institutions that offer alternative solutions, even for those flagged by ChexSystems.
ChexSystems is a consumer reporting agency that tracks various banking activities like unpaid fees, overdrafts, and account closures. A record in ChexSystems can remain for up to five years, which often makes it difficult to open new accounts. Since around 80% of U.S. banks and credit unions rely on ChexSystems, this can pose a significant barrier for individuals with past financial issues.
TIAA Bank’s ChexSystems Policy
If you’re considering opening a checking account with TIAA Bank, be aware that they do use ChexSystems when reviewing applications. This means that negative entries on your report, such as unpaid fees or overdrafts, may impact your chances of being approved.
Finding Alternatives to TIAA Bank
Although TIAA Bank uses ChexSystems, you’re not out of options. Many banks and credit unions don’t rely on ChexSystems when approving new accounts, offering more flexible solutions for those who’ve faced banking challenges. Here are a few alternatives that can help you move forward:
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.
