Have you been denied a checking account due to a negative banking history? If so, you’re not alone. Fortunately, there are alternative banking solutions that can help you get back on track and access essential financial services.
ChexSystems is a consumer reporting agency that tracks specific banking behaviors, such as unpaid fees, overdrafts, and account closures. These records can remain active for up to five years, which may make it difficult to open new accounts. Since around 80% of banks and credit unions in the U.S. use ChexSystems, many individuals with negative banking histories encounter challenges.
How ChexSystems Affects Your Banking Options
A record with ChexSystems can limit your ability to open accounts at traditional financial institutions. However, you’re not out of options. Some banks offer second chance accounts, while others, like Aspiration, don’t rely on ChexSystems at all, giving you the opportunity to rebuild your banking history and regain financial stability.
Aspiration Bank’s ChexSystems Policy
If you’re considering opening an account with Aspiration, you’ll be happy to know that they do not use ChexSystems to review applications. This makes Aspiration Bank an ideal option for those looking to rebuild their financial lives after past banking issues.
Alternatives to Aspiration Bank
Aspiration isn’t the only bank that offers flexibility. If you’re exploring other options, several banks and credit unions also don’t use ChexSystems. Here are three excellent alternatives to consider:
U.S. Bank
- Up to $450 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 4.20% 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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