Have you been turned down for a checking account due to a negative banking history? If so, you’re not alone. Fortunately, there are alternative banking options available that can help you regain control of your finances.
ChexSystems is a consumer reporting agency that tracks banking behaviors like unpaid fees, overdrafts, and account closures. These records can remain active for up to five years, making it harder to open new accounts. Since about 80% of banks and credit unions in the U.S. rely on ChexSystems, it can be a common obstacle for those with past banking issues.
How ChexSystems Affects Your Banking Options
Having a record with ChexSystems can limit your access to traditional banking services. While many banks use ChexSystems to evaluate applications, some institutions either bypass it or offer second chance accounts. This provides an opportunity for you to rebuild your financial standing without being held back by past mistakes.
Eastern Bank’s ChexSystems Policy
If you’re considering opening a checking account at Eastern Bank, be aware that they do use ChexSystems to review account applications. This means that negative entries in your ChexSystems report may impact your ability to get approved for an account.
Alternatives to Eastern Bank
If ChexSystems is posing a challenge at Eastern Bank, there are other banks and credit unions that don’t rely on it. Here are three excellent alternatives to consider:
U.S. Bank
- Up to $450 sign-up bonus
- $25 minimum opening deposit
- Monthly service fee can be waived
- Over 40,000 fee-free ATMs
SoFi
- Up to $300 sign-up bonus with direct deposit
- No minimum opening deposit
- Earn up to 4.20% 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
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.
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