If your banking history has led to a denial for a checking account, you may feel frustrated by limited options. ChexSystems is a consumer reporting agency that tracks your banking behavior, including activities like unpaid fees, overdrafts, and closed accounts. These records can remain on file for up to five years, and many financial institutions rely on them when deciding whether to approve new accounts.
How ChexSystems Impacts Your Access to Banking
Around 80% of banks and credit unions in the U.S. use ChexSystems to screen new applicants. If you have a negative report, it could result in a denial, making it harder to open a checking account.
A negative record with ChexSystems can impact your ability to access not only checking accounts but also savings accounts, loans, and other financial services. Despite this, there are banks and credit unions that do not use ChexSystems, providing options for people with a challenging banking history.
Barclays’ Use of ChexSystems
Unfortunately, Barclays does use ChexSystems as part of their screening process for checking accounts. If you have a negative report in ChexSystems, it may lead to your application being denied. Furthermore, Barclays does not offer any second chance checking accounts, making it difficult to access banking services through them if you’ve had past banking issues.
While Barclays may not be an option due to their use of ChexSystems, these alternatives can help you regain access to essential banking services:
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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