Have you been denied a checking account due to a negative banking history? If so, don’t worry—there are still banking solutions that can accommodate your needs and help you move forward financially.
ChexSystems is a consumer reporting agency that monitors banking behavior, such as unpaid fees, overdrafts, or closed accounts. These records can stay active for up to five years, making it harder to open new accounts. Since about 80% of U.S. banks and credit unions rely on ChexSystems, it can be a significant obstacle for many individuals.
PenFed Credit Union’s ChexSystems Policy
If you’re considering opening a checking account with PenFed Credit Union, you’re in luck—they do not use ChexSystems in their account approval process. This makes PenFed a great option for individuals with a negative banking history who are looking for a fresh start.
Benefits of Banking Without ChexSystems
PenFed’s policy of not relying on ChexSystems provides an opportunity for individuals to access essential financial services without being restricted by past banking issues. This can be particularly beneficial for those who need to reestablish their financial stability.
Alternatives to PenFed Credit Union That Don’t Use ChexSystems
While PenFed Credit Union is a great option, there are several other banks and credit unions that also don’t use ChexSystems. Here are three additional alternatives 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
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
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
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.
