Have you been denied a checking account because of your banking history? If so, don’t worry—there are other options available that can help you rebuild your financial standing.
ChexSystems is a consumer reporting agency that tracks banking behaviors, such as overdrafts, unpaid fees, or account closures. If you have a negative record in ChexSystems, it can remain there for up to five years, making it difficult to open new accounts. Since around 80% of U.S. banks and credit unions rely on ChexSystems, this can be a significant barrier.
The Impact of ChexSystems on Your Banking Options
A ChexSystems record can limit your ability to access traditional banking services. However, many banks either don’t rely on ChexSystems or offer second chance accounts, giving you opportunities to rebuild your financial standing.
Fifth Third Bank’s ChexSystems Policy
Fifth Third Bank uses ChexSystems when reviewing new account applications. If your ChexSystems report contains negative information, it may impact your chances of being approved for a checking account.
Other Banks That Don’t Use ChexSystems
Even though Fifth Third Bank uses ChexSystems, you still have alternatives. Several banks and credit unions don’t rely on ChexSystems, offering more flexibility. Here are a few excellent options to consider:
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
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
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
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.
