If you’ve been denied a checking account because of past banking issues, you’re not alone. Many people face this situation and want to know which financial institutions are more flexible when approving new accounts.
Digital Federal Credit Union, commonly known as DCU, is a respected credit union that serves members across the country. However, DCU does use ChexSystems when screening applicants for new checking accounts. Here’s what that means and where you can turn if you’ve had banking challenges in the past.
How ChexSystems Impacts Banking Access
ChexSystems is a consumer reporting agency that tracks certain banking activities, including overdrafts, unpaid fees, and closed accounts. This information can remain active for up to five years and is reviewed by most banks and credit unions before approving new accounts.
Roughly 80% of financial institutions in the United States use ChexSystems to evaluate potential customers. A negative record can result in application denials, making it difficult to access traditional banking services. Some financial institutions provide second chance accounts to help rebuild banking history, but not all offer that option.
DCU’s ChexSystems Policy
Digital Federal Credit Union does use ChexSystems when reviewing applications for new checking accounts. If your record includes unpaid balances or past account closures, your application may be declined.
At this time, DCU does not provide a second chance checking account, which can make it harder for those with a negative banking record to get approved.
Better Banking Options to Consider
If DCU’s use of ChexSystems is preventing you from opening an account, there are several online banks and fintech companies that welcome customers with past banking issues. These financial institutions make it easier to get approved while offering convenient tools to manage your money.
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.
