Has your application for a checking account been denied due to a negative banking history? If so, you’re not alone. Many people face this situation, but the good news is that alternative banking solutions are available to help you regain access to essential financial services.
ChexSystems is a consumer reporting agency that tracks your banking behaviors, such as overdrafts, unpaid fees, and account closures. These records can stay on your file for up to five years, which may make it difficult to open new accounts. With approximately 80% of banks and credit unions in the U.S. using ChexSystems, it can be a significant hurdle for those with past financial issues.
How ChexSystems Impacts Your Ability to Bank
A ChexSystems record can limit your access to traditional checking accounts, but it doesn’t mean you’re out of options. Some banks offer “second chance” accounts, designed to help you rebuild your financial history, while others do not rely on ChexSystems at all, giving you a better chance of approval.
Bask Bank’s ChexSystems Policy
If you’re thinking about opening a checking account with Bask Bank, be aware that they do use ChexSystems when reviewing applications. This means that any negative information in your ChexSystems report could affect your chances of getting approved for an account.
Alternatives to Bask Bank
If Bask Bank’s reliance on ChexSystems is preventing you from opening an account, don’t worry—there are other financial institutions that do not rely on ChexSystems. Here are three excellent alternatives to consider:
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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