Getting denied for a checking account can be discouraging, but it doesn’t have to stop you from finding the right banking solution. Some financial institutions are more flexible with account approval and can help you rebuild your financial standing.
M&T Bank is a well-established regional bank with branches throughout the Northeast, Mid-Atlantic, and parts of the South. It offers a full range of personal and business banking services, but like many traditional banks, it has specific screening policies for new customers.
How ChexSystems Impacts Banking Access
ChexSystems is a consumer reporting agency that collects information about certain banking activity, including overdrafts, unpaid fees, and closed accounts. These records can stay active for up to five years, and about 80% of banks and credit unions in the U.S. use ChexSystems when reviewing new account applications.
If your record includes negative marks, it may prevent you from opening a new checking account at many financial institutions. This can make it harder to use direct deposit, access a debit card, or manage bills online. However, not all banks rely on ChexSystems, and some focus on helping customers recover from previous financial difficulties.
M&T Bank’s ChexSystems Policy
M&T Bank does use ChexSystems when reviewing new checking account applications. If your record shows unpaid balances, overdrafts, or closed accounts, your application could be declined.
At this time, M&T Bank does not offer a second chance checking account, which can make it harder for those with negative records to get approved.
Banks That Don’t Use ChexSystems
If ChexSystems is making it difficult to open an account at M&T Bank, there are other options available. Several online banks and credit unions skip ChexSystems checks entirely and make it easy to open an account quickly.
SoFi
- Up to $300 sign-up bonus with direct deposit
- No minimum opening deposit
- Earn up to 3.60% 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
Chime
- Up to 3.75% APY on a high-yield savings account
- Over 47,000+ 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.
