Have you found it difficult to open a checking account because of a negative banking history? Knowing what options are available can make a big difference in finding a solution that works for you.
ChexSystems is a reporting agency that tracks certain banking behaviors, such as unpaid fees, overdrafts, and account closures. These records can remain on your file for up to five years, and since roughly 80% of banks and credit unions in the U.S. use ChexSystems, it can be a roadblock for many.
How ChexSystems Impacts Your Access to Banking
Having a ChexSystems record can limit your ability to open checking accounts at traditional financial institutions. However, not every bank relies on ChexSystems for approval. Many offer second chance accounts or completely avoid the system, giving you the opportunity to manage your money more effectively.
Acorns’ ChexSystems Policy
If you’re thinking about opening a checking account with Acorns, you’ll be glad to know that they do not use ChexSystems when reviewing applications. This means that your ChexSystems history won’t affect your ability to open an account with them.
Additional ChexSystems-Free Banking Options
While Acorns is a solid choice, other banks and credit unions also don’t use ChexSystems. If you’re looking for more options, here are three alternatives worth considering:
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 4.30% 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.
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