If you’ve had trouble opening a checking account due to past banking issues, you’re not alone. Many people experience this setback and start looking for banks that offer more flexibility when reviewing new applications.
Arvest Bank is a well-known regional bank serving customers across several states, but it does use ChexSystems to screen applicants. Here’s what that means for you and where you can find better alternatives if ChexSystems is holding you back.
How ChexSystems Affects Your Banking Access
ChexSystems is a consumer reporting agency that tracks certain banking activities, including overdrafts, unpaid fees, and closed accounts. This information can remain on your record for up to five years, and most banks review it before approving new accounts.
About 80% of banks and credit unions in the United States use ChexSystems to evaluate new applicants. A negative record can make it difficult to open a checking account, which limits access to traditional financial services. Some institutions offer second chance accounts to help rebuild your banking history, but not every bank provides that option.
Arvest Bank’s ChexSystems Policy
Arvest Bank does use ChexSystems when reviewing checking account applications. If your record includes unpaid balances or past account closures, your application may be denied.
Currently, Arvest Bank does not offer a second chance checking account, which can make it harder for those working to reestablish their financial reputation.
Alternative Banking Options to Consider
If ChexSystems is keeping you from opening an account with Arvest Bank, there are several online banks and fintech companies that make the process easier. These institutions do not rely on ChexSystems and provide modern features designed for convenience, flexibility, and faster approval.
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.
