If you’ve been denied a checking account because of past banking issues, you’re not alone. Many people find it difficult to open new accounts after overdrafts, unpaid fees, or account closures show up on their record.
Even if traditional banks have turned you down, there are still options that can help you rebuild your financial standing and access modern banking services.
How ChexSystems Impacts Account Approvals
ChexSystems is a consumer reporting agency that tracks specific banking activity such as overdrafts, unpaid fees, and closed accounts. Negative information can stay on your ChexSystems report for up to five years and may affect your ability to open new accounts.
Since about 80% of banks and credit unions use ChexSystems to screen applicants, a past issue can make it harder to qualify for new accounts at many financial institutions.
Citizens Trust Bank’s ChexSystems Policy Explained
Citizens Trust Bank does use ChexSystems when reviewing new account applications. If your ChexSystems report includes negative information, such as unpaid overdrafts or past account closures, it could affect your chances of being approved for a checking account.
In addition, Citizens Trust Bank does not offer a second chance checking account, which means applicants with a negative banking record may have difficulty opening an account.
How ChexSystems Can Limit Your Banking Options
Having a record in ChexSystems can make it harder to open accounts at traditional banks, but that doesn’t mean you’re out of options. Some financial institutions either skip ChexSystems entirely or offer accounts built specifically for people who are rebuilding their banking history.
These banks often provide everyday features such as direct deposit, debit card access, and mobile banking to help you manage your finances while improving your record over time.
Best Alternatives to Citizens Trust Bank
If Citizens Trust Bank’s ChexSystems policy is holding you back, there are other reliable banks that make it easier to open an account—no matter your banking history.
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.
