Have you been turned down for a checking account due to negative banking history? If so, there are still alternatives available to help you manage your finances and find a bank that suits your needs.
ChexSystems is a consumer reporting agency that tracks your banking history, such as unpaid fees, overdrafts, or account closures. These records can stay on file for up to five years, making it difficult to open new accounts, especially since about 80% of U.S. banks and credit unions use ChexSystems.
U.S. Bank’s ChexSystems Policy
U.S. Bank does use ChexSystems when reviewing account applications, but they tend to be more lenient than most banks. While a ChexSystems record may still impact your ability to open an account, U.S. Bank often looks past these issues if you don’t have a history of fraud or owe any money to them directly. This means you may still have a chance to open a checking account with U.S. Bank, even if you’ve had some past challenges.
What to Expect With U.S. Bank’s Approval Process
For those concerned about their ChexSystems report, U.S. Bank provides more flexibility compared to most banks. While they still check ChexSystems, they may approve your application if your past issues are less severe or if you have shown signs of financial recovery. Additionally, U.S. Bank offers a wide range of checking accounts, including the U.S. Bank Smartly Checking Account, which may be worth exploring.
Alternatives to U.S. Bank That Don’t Use ChexSystems
If you’re worried about your ChexSystems record affecting your ability to bank with U.S. Bank, don’t worry. There are several other banks and credit unions that don’t use ChexSystems, offering more accessible account options. Here are two excellent alternatives:
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
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.
