If you’ve been declined for a checking account due to past banking problems, you’re not alone. Many people face this issue each year and start searching for banks or credit unions that offer more flexible approval.
Randolph-Brooks Federal Credit Union (RBFCU) is a trusted financial institution serving members across Texas and beyond. However, like most credit unions, it relies on ChexSystems to review applications. Here’s what that means and where you can still bank if you’ve had issues in the past.
How ChexSystems Affects Your Banking Access
ChexSystems is a consumer reporting agency that keeps track of banking activity such as overdrafts, unpaid fees, and closed accounts. This information can remain active for up to five years, and most banks and credit unions use it to assess risk before approving a new account.
Nearly 80 percent of financial institutions in the United States use ChexSystems to screen applicants. A negative record can lead to account denials, which limits access to traditional banking. Some financial institutions provide second chance accounts to help rebuild banking history, but not all do.
RBFCU’s ChexSystems Policy
RBFCU does use ChexSystems when reviewing new checking account applications. If your record includes unpaid balances, charge-offs, or previous account closures, your application may be denied.
At this time, RBFCU does not offer a second chance checking account, so it may not be the best fit if you are trying to rebuild your financial standing.
Better Banking Options to Consider
If RBFCU’s ChexSystems policy is preventing you from opening an account, there are other banks and fintech companies that offer easier approval. These institutions focus on helping people rebuild their finances with no ChexSystems screening and modern account features.
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.
