A past bank account problem can show up again when you apply somewhere new. Unpaid balances, repeated overdrafts, and account closures may affect whether a bank approves your application.
East West Bank offers several checking accounts, including a low-cost option for qualifying customers. Before you apply, it helps to know how the bank uses ChexSystems and which account may fit your needs.
East West Bank Uses ChexSystems
East West Bank uses ChexSystems when it reviews checking account applications. Negative information in your ChexSystems consumer report may lead to a denial.
The bank may consider the type of record, how long ago it occurred, and whether you still owe money. An old overdraft that has been paid may receive different treatment from recent fraud or an account with an unpaid balance.
East West Bank doesn’t publish exact approval standards. The final decision may also depend on whether the bank can confirm your identity and the information on your application.
A Negative Record May Not Always Cause a Denial
ChexSystems entries don’t all show the same level of risk. Some involve an isolated mistake, while others point to serious or repeated account problems.
These records may affect your application:
- Unpaid balances: Money owed to another bank or credit union may reduce your approval chances.
- Suspected fraud: Fraud-related entries or identity concerns may lead to a denial.
- Forced account closures: An account that another bank closed may raise concerns.
- Repeated overdrafts: Several unpaid overdrafts may show an ongoing pattern.
- Returned payments: A history of returned checks or electronic payments may affect the review.
- Debt owed to East West Bank: An unpaid balance from a prior East West Bank account may need to be resolved first.
East West Bank may also reject an application when your name, address, Social Security number, or identification details don’t match.
Community Checking Has No Monthly Fee
East West Bank offers Community Checking for people who live in qualifying low- to moderate-income census tracts. The account is designed for customers who might otherwise have trouble getting affordable banking services.
Community Checking requires $25 to open and has no monthly maintenance fee. It also includes unlimited check writing, a Visa debit card, direct deposit, online bill pay, and mobile banking.
The account provides fee-free withdrawals at East West Bank, Allpoint, and MoneyPass ATMs. East West Bank also waives its own fee for the first two withdrawals at other ATMs during each statement cycle, though the ATM owner may still charge a fee.
East West Bank may refund one nonsufficient funds fee during the first calendar year when the customer requests it. Every account owner must meet the location requirements, and each qualifying person can have only one Community Checking account.
Community Checking may be the bank’s most affordable option, but it isn’t open to everyone. It also doesn’t guarantee approval for applicants with negative ChexSystems information.
Value Checking Is Open to More Applicants
Value Checking is East West Bank’s basic account for customers who don’t qualify for Community Checking.
The account requires $100 to open and charges a $12 monthly maintenance fee. East West Bank waives the fee when you maintain a $1,500 monthly average balance or a $5,000 combined balance in qualifying East West Bank consumer deposit accounts.
New York residents who open Value Checking at an East West Bank branch in New York receive different terms. The minimum opening deposit drops to $25, and the monthly maintenance fee is waived.
Value Checking includes unlimited check writing, a Visa debit card, direct deposit, digital banking, bill pay, and access to East West Bank, Allpoint, and MoneyPass ATMs.
The account offers standard checking features, but the $12 monthly fee may be expensive when you can’t meet a waiver requirement.
East West Bank Doesn’t Offer Clear Second Chance Checking
Community Checking may help qualifying customers get a low-cost account, but East West Bank doesn’t describe it as second chance checking.
The account’s location and income-area rules determine who can open it. Those rules don’t mean East West Bank overlooks negative ChexSystems records.
East West Bank’s current checking lineup also includes Premier Checking, Student Plus Checking, Senior Checking, and other accounts for customers with specific needs. None is advertised as an account with guaranteed approval after banking problems.
Call East West Bank before you apply when your ChexSystems consumer report includes recent fraud, an unpaid balance, or several closed accounts. Ask whether Community Checking or Value Checking has different approval standards.
Check Your ChexSystems Consumer Report Before Applying
Review your ChexSystems consumer report before East West Bank checks it.
Look for:
- Unknown accounts: An account you don’t recognize may be connected to identity theft.
- Incorrect balances: Make sure each reported amount is accurate.
- Paid debts shown as unpaid: A resolved balance should have the correct status.
- Wrong closure reasons: Confirm that the former bank described the account correctly.
- Incorrect dates: A reporting error may make an older problem appear recent.
Accurate negative records can remain in a ChexSystems consumer report for five years. Paying a valid balance usually won’t remove the entry early, but the record should show that the debt has been paid.
Dispute information that’s inaccurate or incomplete. Include bank statements, payment receipts, or identity theft records that support your claim.
What to Do if East West Bank Denies You
Ask whether ChexSystems affected the decision. East West Bank should provide a notice when information from a consumer reporting company contributes to a denial.
Request your consumer report and review the entry that caused the problem. Dispute it when the information is wrong.
When the record is accurate, contact the bank that reported it. Paying an outstanding balance may improve your options, even when the entry remains in your ChexSystems consumer report.
You can also consider a bank that doesn’t use ChexSystems or one that offers a checking account with stated second chance approval rules.
Better Options for a Fresh Start
If East West Bank isn’t the right fit, here are a few banks that don’t use ChexSystems and welcome new customers with a more flexible approval process:
SoFi
- Up to $400 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 450 banks that offer second chance checking accounts.
Jake is a personal finance writer with a background in consumer lending and credit counseling. He specializes in credit education, debt management, and helping readers understand the financial systems that affect their daily lives. His goal is simple: cut through the jargon and give people the information they actually need.