If you’ve been denied a checking account because of past banking issues, you’re not alone. Many people find themselves in this position and want to know which financial institutions are more flexible when approving new accounts.
Suncoast Credit Union is one of Florida’s largest credit unions and serves members across the state. However, like many credit unions, it relies on ChexSystems to screen new applicants. Understanding what that means can help you plan your next steps and find better banking options if needed.
How ChexSystems Affects Your Banking Options
ChexSystems is a consumer reporting agency that collects information about banking activity such as overdrafts, unpaid fees, and closed accounts. This data can stay on your record for up to five years, and many financial institutions review it before approving a new account.
Nearly 80% of banks and credit unions in the United States use ChexSystems to assess applications. A negative record can lead to denials, making it harder to access traditional banking services. Some institutions offer second chance accounts to help you rebuild your financial profile, but not all do.
Suncoast Credit Union’s ChexSystems Policy
Suncoast Credit Union does use ChexSystems when reviewing new checking account applications. If your record includes unpaid fees or previous account closures, your application may be declined.
At this time, Suncoast Credit Union does not provide a second chance checking account, which may make it difficult for those trying to reestablish their banking history.
Alternative Banking Options to Consider
If ChexSystems is standing in your way at Suncoast Credit Union, there are several online banks and fintech companies that can help you open an account more easily. These financial institutions are known for flexibility, fast approval, and modern features that simplify money management.
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.
