Have you been turned down for a checking account due to a negative banking history? If so, there are still banking solutions available that can help you manage your finances, even if traditional banks have denied your application.
ChexSystems is a consumer reporting agency that monitors banking activities such as overdrafts, unpaid fees, and account closures. This information can remain on file for up to five years, which can make it difficult to open new accounts. Since about 80% of U.S. banks and credit unions rely on ChexSystems, it can create a significant barrier for those with past banking challenges.
Bank of America’s Screening Process
When applying for a Bank of America checking account, be aware that they do check ChexSystems. If you have negative items on your report, such as unpaid fees or overdrafts, it may affect your chances of being approved for a standard checking account.
Bank of America’s Safe Balance Account
Fortunately, Bank of America offers an alternative option for those with a challenging banking history. The Safe Balance Account is a second chance checking account designed to help individuals rebuild their financial reputation. It comes with no overdraft fees and offers basic banking services, allowing you to get back on track.
Other Banks That Don’t Rely on ChexSystems
In addition to Bank of America’s Safe Balance Account, there are several other banks and credit unions that don’t use ChexSystems at all, making them a great option if you’ve faced difficulties in the past. Here are three excellent alternatives:
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 60,000+ fee-free ATMs
- Up to $200 fee-free overdraft coverage
- Get paid up to 2 days early with direct deposit
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
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.
