If you’ve struggled to open a checking account because of past banking problems, you’re not alone. Many people face this issue, but there are financial institutions that make it easier to start fresh.
PenFed Credit Union is one of them. Known for its inclusive approach, PenFed helps members regain access to everyday banking without the barriers that come with ChexSystems.
How ChexSystems Can Affect Account Approvals
ChexSystems is a consumer reporting agency that tracks banking behaviors such as unpaid fees, overdrafts, and closed accounts. Records can stay on your ChexSystems report for up to five years, which can limit your ability to open new accounts.
Since roughly 80% of banks and credit unions rely on ChexSystems, even one negative entry can create challenges when applying for a new account.
PenFed Credit Union’s ChexSystems Policy Explained
PenFed Credit Union does not use ChexSystems when reviewing account applications. That means if your banking record includes negative information, it won’t automatically prevent you from opening an account.
This policy makes PenFed an excellent choice for anyone who wants to rebuild their financial footing without being held back by old records.
Why PenFed Is a Strong Choice
By skipping ChexSystems, PenFed Credit Union gives more people access to dependable financial services. Members can open checking or savings accounts, use mobile banking, and take advantage of low fees and competitive loan products—all without worrying about past banking mistakes.
For many, PenFed provides a fresh opportunity to rebuild trust with a financial institution and manage money confidently.
Other No-ChexSystems Banking Options
If you’re exploring multiple options, several banks and credit unions also make it easy to open an account without ChexSystems screening.
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
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.
