If you’ve been turned down for a checking account due to a negative banking history, you’re not alone. Many people face this challenge and wonder about their banking options. Let’s examine Axos Bank’s policies regarding ChexSystems and explore alternative solutions.
ChexSystems and Its Impact on Banking
ChexSystems is a consumer reporting agency that keeps track of your banking activities, including unpaid fees, overdrafts, and account closures. This information can stay on your record for up to five years and is used by banks to assess risk when opening new accounts.
Key points about ChexSystems:
- About 80% of banks and credit unions in the U.S. use ChexSystems.
- Negative records can lead to denied account applications.
- Some banks offer “second chance” accounts for those with negative reports.
- Not all banks use ChexSystems, providing options for those with a troubled banking history.
Axos Bank’s Policy on ChexSystems
Axos Bank does use ChexSystems when reviewing applications for new checking accounts. If you have a negative ChexSystems report, your application may be declined. Unfortunately, Axos Bank does not offer second chance accounts, which could make it difficult for those with past banking issues to open an account with them.
Alternative Banking Options
If Axos Bank’s use of ChexSystems poses a hurdle for you, check out the following banks that provide opportunities to open a checking account despite past banking challenges:
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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