Have you been turned down for a checking account due to a negative banking history? If so, there are still banking solutions available that can help you regain access to financial services, even if you’ve had issues with traditional banks in the past.
ChexSystems is a consumer reporting agency that tracks specific banking behaviors, such as unpaid fees, overdrafts, or closed accounts. These records can remain on your ChexSystems report for up to five years, making it difficult to open new accounts during that time. Since around 80% of banks and credit unions in the U.S. use ChexSystems, it can create significant challenges for those with a negative banking history.
USAA’s ChexSystems Policy
If you’re considering opening a checking account with USAA, it’s important to know that they do use ChexSystems when reviewing account applications. This means that if your ChexSystems report includes negative information, it could impact your chances of being approved for an account.
How ChexSystems Can Limit Your Banking Options
ChexSystems records can limit access to standard banking services, making it difficult to open new accounts at many financial institutions. However, this doesn’t mean you’re out of options. Several banks and credit unions either don’t use ChexSystems or offer “second chance” accounts to help individuals rebuild their financial profile.
Alternatives to USAA That Don’t Use ChexSystems
If USAA’s ChexSystems policy presents an obstacle for you, don’t worry—there are still other options available. Many banks and credit unions don’t rely on ChexSystems when making account approval decisions. Here are three excellent alternatives to consider:
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.
