If you’ve been denied a checking account because of a negative banking history, you’re not alone. Many individuals face similar challenges and seek alternative banking solutions.
ChexSystems is a consumer reporting agency that monitors banking activities such as unpaid fees, overdrafts, and account closures. These records can remain active for up to five years, making it difficult to open new accounts during that time.
ChexSystems and Its Influence on Banking Access
ChexSystems plays a significant role in the banking industry, with approximately 80% of banks and credit unions in the United States utilizing it to evaluate new account applications. A negative report from ChexSystems can lead to declined applications, restricting your access to traditional banking services. Despite this, not all financial institutions depend on ChexSystems, and some offer “second chance” accounts to help individuals rebuild their banking history.
First Citizens Bank’s ChexSystems Policy
First Citizens Bank does use ChexSystems when reviewing applications for checking accounts. This means that if you have a negative report in ChexSystems, your application may be denied. Additionally, First Citizens Bank does not offer second chance checking accounts.
If First Citizens Bank’s policies present a barrier for you, here are some great alternatives that don’t use ChexSystems:
U.S. Bank
- Up to $400 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 4.50% 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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