If you’ve ever been turned down for a checking account because of past banking issues, you’re far from alone. Many banks use ChexSystems, a consumer reporting agency that keeps track of things like overdrafts, unpaid fees, and closed accounts.
Negative records can stay on your ChexSystems file for up to five years, making it difficult to open new accounts in the meantime. Fortunately, not every bank relies on ChexSystems—some offer second chance accounts that give you the opportunity to rebuild your financial history and start fresh.
How ChexSystems Affects Your Banking Options
Roughly 80% of banks and credit unions in the U.S. use ChexSystems when screening new applicants. If your ChexSystems report shows negative activity, you could be denied a new checking account.
However, not every financial institution uses ChexSystems. Some offer second chance checking accounts that give people with a troubled banking history a fresh start. These accounts are often designed to help you rebuild your record and eventually qualify for standard accounts again.
Does Peoples Bank Use ChexSystems?
Yes. Peoples Bank does use ChexSystems when reviewing new checking account applications. If your ChexSystems report includes negative information, your application could be declined.
That said, there are still plenty of solid options available. Several banks and credit unions don’t use ChexSystems at all, giving you another path to open an account and manage your money safely.
Best Alternatives to Peoples Bank That Don’t Use ChexSystems
If you’ve been denied a checking account at Peoples Bank, you still have some solid options. These banks make it easy to open an account without ChexSystems approval.
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.
