If you’ve ever been denied a checking account, you’ve likely encountered ChexSystems. Many banks rely on it to review an applicant’s banking record before approving new accounts. But how does Academy Bank handle it? Let’s take a closer look.
ChexSystems collects information on banking activity, including unpaid fees, overdrafts, and closed accounts. These records can stay active for up to five years and often determine whether a bank will approve your application.
How ChexSystems Can Affect Account Approvals
Around 80% of banks and credit unions in the United States use ChexSystems to evaluate new customers. If your record contains negative entries, it can lead to denied applications or limited account options.
Still, not every financial institution follows this approach. Some skip ChexSystems entirely, while others offer second chance accounts that allow you to rebuild your record and restore access to everyday banking.
Academy Bank’s Policy on ChexSystems
Academy Bank does use ChexSystems when reviewing new checking account applications. However, they don’t publicly share detailed information about how the system influences approval decisions.
In some cases, Academy Bank may consider additional factors beyond your ChexSystems record. The best way to confirm your eligibility is to contact the bank directly and discuss your specific situation with a representative.
Alternatives to Academy Bank That Don’t Use ChexSystems
If Academy Bank’s screening process makes opening an account difficult, several other banks and credit unions welcome new customers without checking ChexSystems. Here are a few options worth exploring:
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
Chime
- Up to 3.75% APY on a high-yield savings account
- Over 47,000+ fee-free ATMs
- Up to $200 fee-free overdraft coverage
- Get paid up to 2 days early with direct deposit
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.
