Are you struggling to get approved for a checking account because of a negative banking history? If that’s the case, there are still other banking options available to help you manage your finances.
ChexSystems is a consumer reporting agency that tracks banking behaviors like unpaid fees, overdrafts, and account closures. These records can stay on file for up to five years, making it difficult to open new accounts. With around 80% of U.S. banks and credit unions using ChexSystems, it’s a common roadblock for many.
How ChexSystems Affects Your Banking Options
When you have a record with ChexSystems, it can make opening a new account at many financial institutions more challenging. Fortunately, not every bank relies on ChexSystems, and others offer second chance accounts, allowing you to regain control of your finances and rebuild your banking reputation.
City National Bank’s ChexSystems Policy
If you’re considering opening a checking account at City National Bank, be aware that they do use ChexSystems when reviewing applications. This means that a negative entry on your ChexSystems report could impact your ability to open an account.
Banks That Offer More Flexibility
If ChexSystems is standing in your way at City National Bank, don’t worry—several banks and credit unions don’t rely on ChexSystems for their account approvals. Here are three solid alternatives:
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 60,000+ fee-free ATMs
- Up to $200 fee-free overdraft coverage
- Get paid up to 2 days early with direct deposit
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
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.
