If you’ve been denied a checking account because of past banking issues, you’re not alone. Overdrafts, unpaid fees, or closed accounts can make it difficult to get approved for a new account.
Even if you’ve had trouble in the past, there are still banks and credit unions that can help you rebuild your financial standing and access basic banking services again.
How ChexSystems Can Limit Account Approvals
ChexSystems is a consumer reporting agency that tracks certain banking activities such as overdrafts, unpaid fees, and closed accounts. Negative information can remain on your ChexSystems report for up to five years and may limit your ability to open new accounts.
Because about 80% of U.S. banks and credit unions rely on ChexSystems, a past issue can make it harder to qualify for a standard checking account.
Eastern Bank’s ChexSystems Policy Explained
Eastern Bank does use ChexSystems when reviewing new account applications. If your ChexSystems report contains negative information, such as unpaid balances or frequent overdrafts, it could affect your ability to open a checking or savings account.
In addition, Eastern Bank does not offer a second chance checking account, which means customers with a negative banking record may find it difficult to open an account.
What to Do If You’ve Been Denied a Checking Account
Being denied for an account can feel frustrating, but there are still options available. Many financial institutions skip ChexSystems entirely or offer accounts created for people who want to rebuild their financial record.
These accounts often include standard features such as debit cards, online banking, and direct deposit, allowing you to manage your money effectively while improving your history over time.
Recommended Banks That Don’t Use ChexSystems
If you’re unable to open an account at Eastern Bank, several other institutions provide more flexibility for customers rebuilding their financial background.
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.
