Are you struggling to open a checking account due to a negative banking history? If so, you’re not alone. Many people face this issue, but the good news is that there are alternative banking solutions available to help you move forward.
ChexSystems is a consumer reporting agency that tracks banking behaviors, such as unpaid fees, overdrafts, and closed accounts. A record with ChexSystems can remain active for up to five years, making it harder to open new accounts. Since about 80% of banks and credit unions in the U.S. use ChexSystems, it can create a challenge for those with a troubled banking history.
Union Bank’s ChexSystems Policy
If you’re considering opening a checking account with Union Bank, it’s important to know that they do use ChexSystems as part of their account application process. This means that negative entries, such as unpaid fees or overdrafts, could impact your chances of being approved.
How ChexSystems Affects Your Banking Options
A record with ChexSystems can limit your access to traditional banking services. However, that doesn’t mean you’re out of options. Some banks and credit unions offer second chance accounts or don’t rely on ChexSystems at all, giving you a chance to rebuild your banking history and regain financial control.
Consider These Alternatives to Union Bank
While Union Bank uses ChexSystems, other banks and credit unions don’t, offering more flexibility for those with past banking issues. Here are three great alternatives:
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.
