Does Synchrony Bank Use ChexSystems?

Synchrony Bank is best known for retail credit cards and online savings products. It doesn’t operate like a traditional bank with branches, everyday checking accounts, and a full range of deposit services.

That distinction changes the answer to this question. Before you worry about ChexSystems approval, you need to know which accounts Synchrony Bank actually offers and whether they can replace a checking account.

Synchrony Bank Doesn’t Offer Checking Accounts

Synchrony Bank doesn’t currently offer a checking account. The bank states that it focuses on accounts that help customers save money instead.

Because there’s no Synchrony checking account, the claim that Synchrony uses ChexSystems to review checking applications is outdated and should be removed.

Synchrony’s current deposit lineup includes:

• High Yield Savings: An interest-bearing savings account with no monthly fee or minimum balance.
• Money Market Account: A savings product that includes limited check-writing access.
• Certificates of deposit: Fixed-term savings products with several term options.
• Individual retirement accounts: Synchrony offers certain retirement certificates of deposit and money market accounts.

You’ll need another bank or credit union if you want an account for daily spending, debit card purchases, regular bill payments, or payroll deposits that you use each month.

Can Synchrony Use ChexSystems for Savings Accounts?

Synchrony doesn’t clearly disclose every consumer reporting service it may check when someone applies for a savings or money market account.

The bank still needs to confirm your identity and review the information in your application. A savings account application may be denied because of suspected fraud, inconsistent personal details, or problems with identity verification.

Don’t claim that Synchrony uses ChexSystems for checking accounts. It doesn’t offer checking accounts. It’s also best not to make a firm claim about its savings account screening unless Synchrony confirms the policy.

A negative ChexSystems consumer report may not affect every savings application in the same way it could affect a traditional checking account application.

Synchrony High Yield Savings Is Built for Saving

Synchrony’s High Yield Savings account has no monthly maintenance fee, minimum opening deposit, or minimum balance requirement.

The account pays a variable annual percentage yield. Rates can change, so readers should check the current rate before opening an account.

You can add or withdraw money through:

• Electronic transfers: Move funds between Synchrony and a linked bank account.
• Mobile check deposits: Deposit eligible checks through the Synchrony app.
• Direct deposits: Send certain recurring payments directly into the account.
• Wire transfers: Request an outgoing transfer by phone, though a fee applies.
• ATM withdrawals: Request an optional ATM card for cash access.

Synchrony doesn’t provide checks with High Yield Savings. The account also isn’t designed for regular bill payments or everyday debit card spending.

The Money Market Account Offers More Access

Synchrony’s Money Market Account provides more withdrawal options than High Yield Savings. Customers can request checks and an optional ATM card.

The account has no monthly maintenance fee or minimum balance requirement. It also earns a variable annual percentage yield.

The Money Market Account may work if you want to earn interest but need occasional access to your savings. Still, it isn’t a full checking account.

It may not support all the services you expect from checking, such as frequent debit card purchases, broad bill-payment features, or unrestricted everyday transactions.

Synchrony currently refunds up to $5 per statement cycle for eligible domestic ATM fees charged by other financial institutions. ATM owners may still charge fees, and overseas ATM charges aren’t covered by that reimbursement.

Synchrony Doesn’t Offer Second Chance Checking

Synchrony Bank doesn’t offer a second chance checking account because it doesn’t offer checking accounts at all.

A savings or money market account can’t fully replace checking for most people. You may still need another account for:

• Receiving and spending regular income
• Paying bills
• Making debit card purchases
• Sending person-to-person payments
• Depositing cash
• Writing frequent checks

Someone with a negative ChexSystems consumer report should look for a bank that doesn’t use ChexSystems or one that offers a clear second chance checking option.

Don’t choose a savings account simply because it may be easier to open. Make sure the account supports the transactions you need.

Check Your ChexSystems Consumer Report Before Applying Elsewhere

Synchrony may not offer checking, but you should still review your ChexSystems consumer report before applying for a checking account at another financial institution.

Check for:

• Unknown accounts: An unfamiliar account may be connected to identity theft.
• Incorrect balances: Make sure each reported amount is accurate.
• Paid debts shown as unpaid: A resolved balance should have the correct status.
• Wrong closure reasons: Confirm that the financial institution described the closure correctly.
• Incorrect dates: A reporting error may make an older problem appear recent.

Accurate negative information can generally remain for five years. Paying a valid balance usually won’t remove the record early, but the status should show that the debt has been paid.

Dispute inaccurate or incomplete information before you submit another checking account application.

What to Look for in a Checking Account

You’ll need another financial institution for everyday checking. Approval matters, but the account’s fees and features matter too.

Compare:

• Monthly fees: Look for no monthly fee or a waiver you can meet.
• Opening deposit: Check how much money you need to open the account.
• Overdraft policy: Decide whether you want transactions declined instead of paid for a fee.
• ATM access: Make sure fee-free ATMs are available near you.
• Cash deposits: Confirm that the bank supports cash deposits if you need them.
• Mobile banking: Check for mobile deposits, alerts, bill pay, and debit card controls.
• ChexSystems policy: Confirm whether the bank checks ChexSystems or offers second chance approval.

A low-cost account that fits your regular banking habits will usually be more useful than an account with attractive features you rarely use.

Banks That Don’t Use ChexSystems

If Synchrony Bank’s ChexSystems policy makes it difficult to open an account, you have alternatives. These banks don’t check ChexSystems and offer flexible, easy-to-open accounts that work well for anyone with a past banking issue.

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 450 banks that offer second chance checking accounts.