Have you been turned down for a checking account because of a negative banking history? If so, you’re not alone. Fortunately, there are alternative banking solutions that may suit your needs and help you move forward.
ChexSystems is a consumer reporting agency that tracks specific banking behaviors, including unpaid fees, overdrafts, and account closures. These records can remain on your report for up to five years, making it harder to open new accounts. With about 80% of banks and credit unions in the U.S. using ChexSystems, it can be a significant hurdle for those with a negative banking history.
How ChexSystems Affects Your Banking Choices
A ChexSystems record can limit your access to traditional banks, but that doesn’t mean all options are off the table. Some banks and credit unions offer second chance accounts designed to help you rebuild your banking history, while others do not use ChexSystems at all.
Bank of Hawaii’s ChexSystems Policy
If you’re thinking about opening a checking account at Bank of Hawaii, be aware that they do use ChexSystems as part of their application review. This means that if your ChexSystems report has negative marks, it could affect your ability to get approved for an account.
Exploring Alternatives to Bank of Hawaii
If Bank of Hawaii’s ChexSystems policy is creating roadblocks for you, don’t worry—several other banks and credit unions do not rely on ChexSystems. Here are three great alternatives worth considering:
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 4.50% 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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