If you’ve had trouble opening a checking account because of past banking problems, you’re not alone. ChexSystems tracks banking activity such as unpaid fees, overdrafts, and closed accounts. These records can stay on your file for up to five years, which can make it harder to qualify for new accounts.
It’s frustrating when you’re trying to move forward financially. Fortunately, not every financial institution relies on ChexSystems. Some banks focus on helping customers rebuild by offering checking options made for people who’ve had previous banking challenges.
How ChexSystems Impacts Your Ability to Open a Bank Account
About 80% of banks and credit unions in the United States use ChexSystems when reviewing new account applications. If your report includes negative information, your application may be denied, even if you’ve already resolved those issues.
A growing number of financial institutions are choosing a different path. Many now skip ChexSystems entirely or use alternative screening methods that allow more people to open accounts and regain access to reliable banking.
Centennial Bank’s Approach to ChexSystems
Centennial Bank uses ChexSystems to evaluate new checking account applications. If your ChexSystems report shows negative activity, your standard account application may be denied.
However, Centennial Bank also offers a Second Chance Checking account for people with prior banking challenges. This account gives you the opportunity to reestablish your banking record and work toward qualifying for a regular account over time.
Alternatives to Centennial Bank Without ChexSystems
If Centennial Bank isn’t the right fit, several other banks and credit unions can help you open an account without using ChexSystems. These options provide simple approval processes, modern tools, and features that make everyday banking easier.
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
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.
