ChexSystems is a consumer reporting agency that tracks certain banking activities, such as unpaid fees, overdrafts, or account closures. A record in ChexSystems can stay on file for up to five years, which can make it challenging to open new accounts. Since around 80% of banks and credit unions in the U.S. rely on ChexSystems, this can be a significant barrier for those with past financial difficulties.
First Horizon Bank’s ChexSystems Policy
If you’re considering opening a checking account with First Horizon Bank, be aware that they do use ChexSystems to review applications. This means that if your ChexSystems report contains negative information, such as unpaid fees or overdrafts, it could impact your ability to open an account with them.
Why ChexSystems Affects Your Banking Options
Since so many banks and credit unions rely on ChexSystems to evaluate account applications, having a negative record can limit your access to traditional banking services. However, this doesn’t mean you’re out of options—several banks and credit unions offer accounts without considering your ChexSystems history.
Alternatives to First Horizon Bank That Don’t Use ChexSystems
While First Horizon Bank uses ChexSystems, there are several other financial institutions that don’t. These banks and credit unions offer flexible options for individuals with a challenging banking history. Here are three excellent alternatives to explore:
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 4.30% 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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