If you’ve had trouble opening a checking account because of past banking problems, you’re not alone. Many people find themselves locked out of traditional banking after issues like overdrafts or unpaid fees.
Even so, there are ways to get back on track. Some banks, including Bank of America, provide options designed specifically for customers rebuilding their financial record.
Why ChexSystems Can Make Opening Accounts Difficult
ChexSystems is a consumer reporting agency that tracks certain banking activities such as overdrafts, unpaid fees, and closed accounts. Negative information can stay on your ChexSystems report for up to five years, which may limit your ability to open new accounts.
Since about 80% of U.S. banks and credit unions use ChexSystems, a negative record can make it harder to qualify for traditional checking accounts.
Bank of America’s ChexSystems Policy Explained
Bank of America does use ChexSystems when reviewing new account applications. If your ChexSystems report includes negative marks, such as unpaid balances or repeated overdrafts, it could affect your ability to open a standard checking account.
However, Bank of America also provides an alternative designed for people who want to rebuild their financial foundation.
Bank of America’s Safe Balance Account
The Safe Balance Account is Bank of America’s second chance checking option. It’s designed for customers who may have been denied elsewhere but still want access to reliable banking services.
This account eliminates overdraft fees, provides access to online and mobile banking, and includes the ability to make electronic payments—all while helping you reestablish your banking record responsibly.
Other Banks That Don’t Use ChexSystems
If you prefer to avoid ChexSystems entirely, several banks and credit unions make it easier to open an account regardless of your past. These options provide flexible approval and modern account features.
SoFi
- Up to $300 sign-up bonus with direct deposit
- No minimum opening deposit
- Earn up to 3.60% 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.
