If you’ve been denied a checking account because of past banking issues, you’re not alone. Many people face this problem and start looking for banks that make it easier to open a new account.
Axos Bank is a well-known online bank that offers competitive features and nationwide access. However, it does rely on ChexSystems when reviewing new applications. Here’s what that means for you and where you can still bank if you’ve had trouble in the past.
How ChexSystems Affects Your Banking Options
ChexSystems is a consumer reporting agency that collects information about banking activity such as overdrafts, unpaid fees, and closed accounts. This data can remain on file for up to five years, and most financial institutions review it before approving a new account.
Roughly 80% of banks and credit unions in the United States use ChexSystems to screen applicants. A negative record can result in a denied application, which makes it difficult to access traditional banking services. Some institutions offer second chance accounts to help rebuild your banking history, but Axos Bank does not currently provide that option.
Axos Bank’s ChexSystems Policy
Axos Bank does use ChexSystems when evaluating new checking account applications. If your record includes unpaid fees or account closures, it could prevent you from opening an account.
At this time, Axos Bank does not offer a second chance checking account, which may limit options for those working to rebuild their financial record.
Better Banking Alternatives
If ChexSystems is keeping you from opening an account with Axos Bank, there are other banks and fintech companies that can help. These institutions are known for fast approval, modern features, and flexible eligibility requirements.
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.
