Getting denied for a checking or savings account can feel discouraging, especially if it’s due to a past banking issue. Many banks rely on ChexSystems to screen new applicants, which can make it harder to open an account even after old problems are resolved.
That’s why SoFi has become a popular choice for people looking to rebuild. It offers flexible banking without depending on ChexSystems, giving you an easier way to manage your money.
How ChexSystems Works
ChexSystems is a consumer reporting agency that tracks certain banking activity, such as overdrafts, unpaid fees, and account closures. Banks use this information to evaluate new applications and assess risk before approving an account.
A negative record can stay on your ChexSystems report for up to five years, limiting your ability to open a new account. Even if your credit score is solid, a ChexSystems record can still make things difficult, as the two systems operate separately.
SoFi’s ChexSystems Policy Explained
SoFi does not use ChexSystems when reviewing applications for its Checking and Savings account. Instead, SoFi relies on identity verification and may review your credit report only to confirm personal details, not to make approval decisions.
This makes SoFi one of the most accessible banking options for people with past overdrafts, unpaid fees, or closed accounts.
SoFi’s Account Requirements
Opening an account with SoFi is straightforward. You’ll only need to meet a few basic qualifications:
- Age: You must be at least 18 years old.
- Residency: You’ll need a valid U.S. residential address.
- Identification: A Social Security number is required to confirm your identity.
There’s no minimum deposit, and approval typically happens in minutes.
Why SoFi Stands Out
SoFi is designed for flexibility and simplicity, giving you all the essentials of modern banking without the restrictions that come with traditional banks. Its Checking and Savings account includes valuable features that help you manage money with confidence.
- Sign-up bonus: Earn up to $300 by setting up qualifying direct deposits. The total amount depends on how much you deposit.
- Early direct deposit: Access your paycheck up to two days before your scheduled payday.
- Overdraft coverage: Receive up to $50 in fee-free overdraft protection when you set up direct deposit.
- No fees: Avoid monthly maintenance charges, overdraft fees, and minimum balance requirements.
- High APY: Earn up to 3.80% APY on savings and 0.50% APY on checking balances when direct deposit is enabled.
- ATM access: Use more than 55,000 Allpoint® Network ATMs across the country with no withdrawal fees.
With these features and a no-ChexSystems approval process, SoFi stands out as one of the easiest and most rewarding banking options for people rebuilding their financial standing.
Alternatives to SoFi
If you’re exploring similar options, several other banks and credit unions also don’t use ChexSystems and make it simple to open an account.
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
Stash
- Earn stock with every purchase through Stock-Back® Rewards
- Access to over 55,000 fee-free ATMs
- No overdraft fees on debit card purchases
- 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.
