If you’ve been denied a checking account because of past banking issues, you’re not alone. ChexSystems tracks your banking history, including overdrafts, unpaid fees, and closed accounts. These records can stay on file for up to five years, which can make it harder to open new accounts during that time.
It can feel frustrating when you’re trying to rebuild your finances. Fortunately, not every financial institution uses ChexSystems. Some banks and credit unions offer second chance accounts that give you a fair chance to reestablish your banking access.
How ChexSystems Affects Your Banking Options
About 80% of banks and credit unions in the United States rely on ChexSystems when reviewing new account applications. If your report includes negative marks, your application might be denied, even if you’ve already resolved past issues.
However, some financial institutions choose not to use ChexSystems. These banks often focus on accessibility and offer checking accounts that make it easier to open an account, deposit funds, and receive direct deposits without strict screening requirements.
Space Coast Credit Union’s ChexSystems Policy
Space Coast Credit Union does use ChexSystems to review checking account applications. So, if your ChexSystems report lists unpaid balances, overdrafts, or other negative activity, your application will likely be declined. This can be a setback, but it doesn’t have to stop you from finding the right bank.
Many online banks and credit unions welcome people with previous banking issues. These alternatives can help you rebuild trust with the financial system while giving you access to modern tools and benefits.
Best Alternatives to Space Coast Credit Union
If Space Coast Credit Union’s use of ChexSystems keeps you from opening an account, there are strong alternatives to consider. These options are designed for people who want a smooth banking experience without being limited by ChexSystems.
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.
