Have you struggled to get approved for a checking account because of your banking history? Understanding your options is key, and there are alternative banking solutions out there to help you.
ChexSystems is a consumer reporting agency that monitors specific banking behaviors such as unpaid fees, overdrafts, or closed accounts. Once flagged, this information can remain in your file for up to five years, potentially making it harder to get approved for new accounts.
How ChexSystems Impacts Your Banking Options
Approximately 80% of U.S. banks and credit unions use ChexSystems when evaluating applications for new accounts. A negative entry in your report can result in your application being declined, restricting access to traditional banking services. Financial institutions rely on ChexSystems to assess the risk posed by new customers based on their previous banking behavior.
Arvest Bank’s Approach to ChexSystems
Arvest Bank does use ChexSystems when reviewing new applications. This means that if your ChexSystems report contains negative information, it could affect your ability to open an account. Unfortunately, Arvest Bank does not offer a second chance banking option for those with a less-than-perfect banking record.
Options for Banking Without ChexSystems
If you’re concerned about ChexSystems preventing you from opening an account with Arvest Bank, you still have options. Several banks and credit unions offer accounts without relying on ChexSystems. Here are some great 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 4.50% 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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