Have you been denied a checking account due to a negative banking history? If so, you’re not alone, but there are still options available to help you regain access to financial services.
ChexSystems is a consumer reporting agency that tracks your banking behavior, such as unpaid fees, overdrafts, or closed accounts. These records can stay on file for up to five years, which can make it challenging to open new accounts, especially with about 80% of banks and credit unions in the U.S. using ChexSystems.
KeyBank’s ChexSystems Policy
If you’re considering opening a checking account with KeyBank, be aware that they do use ChexSystems when reviewing account applications. This means that if your ChexSystems report includes negative information, it may impact your ability to get approved for a checking account with KeyBank.
Why ChexSystems Matters for Account Approvals
When a bank uses ChexSystems, they evaluate your past banking behavior to assess whether you pose a financial risk. A negative ChexSystems report can limit your ability to open a new account at many financial institutions. However, not all banks rely on this system, and there are other options available to you.
Alternatives to KeyBank That Don’t Use ChexSystems
If ChexSystems is causing issues for you at KeyBank, don’t worry—many banks and credit unions don’t rely on ChexSystems when approving new accounts. Here are three excellent alternatives to consider:
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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