If you’ve had trouble opening a checking account due to a negative banking history, you’re not alone. ChexSystems is a consumer reporting agency that collects data on your banking behavior, including overdrafts, unpaid fees, and account closures. These records can remain active for up to five years, making it difficult to open new accounts during this time.
ChexSystems and Your Banking Options
Around 80% of banks and credit unions across the U.S. rely on ChexSystems to assess new applicants. If your report contains negative information, you may be denied an account. However, not all financial institutions use ChexSystems, and many offer second-chance accounts that are designed to help individuals with a challenging banking history get back on track.
ChexSystems Policy at Peoples Bank
Unfortunately, Peoples Bank does use ChexSystems when reviewing applications for checking accounts. This means that if you have a negative ChexSystems report, your application may be declined. But don’t worry—there are still plenty of banks and credit unions that don’t rely on ChexSystems, offering you alternative ways to open a checking account.
Alternatives to Peoples Bank Without ChexSystems
If you’ve been denied an account at Peoples Bank, here are three excellent alternatives that do not use ChexSystems:
U.S. Bank
- Up to $450 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 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
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.
