Does Synovus Bank Use ChexSystems?

Past checking account problems can make opening a new account difficult. Synovus Bank takes a different approach from many traditional banks, but applicants still face a financial history review.

The bank offers several checking options across Alabama, Florida, Georgia, South Carolina, and Tennessee. Before you apply, it helps to know which consumer report Synovus checks and which account may fit your needs.

Synovus Bank Doesn’t Use ChexSystems

Synovus Bank doesn’t use ChexSystems when it reviews personal checking account applications. Negative information in your ChexSystems consumer report shouldn’t disqualify you by itself.

Instead, Synovus may pull an Equifax credit report as part of its account-opening process. That means your credit history could affect the decision even when your past checking account problems don’t appear in ChexSystems.

Synovus may also verify your identity, review information from other sources, and check whether you owe money from an earlier Synovus account.

Your Equifax Credit Report May Affect Approval

A credit report contains different information from a ChexSystems consumer report.

ChexSystems focuses on deposit account activity. It may include unpaid overdrafts, returned payments, suspected fraud, and accounts closed with negative balances.

An Equifax credit report focuses on borrowing activity. Synovus may see:

• Payment history: Late payments, charge-offs, and collection accounts may affect the review.
• Current debt: High balances may raise concerns about your financial position.
• Public records: Certain financial records may appear when allowed by law.
• Identity information: Names, addresses, and other details help Synovus confirm who you are.
• Credit inquiries: Recent applications may appear in your credit report.

Synovus doesn’t publish the exact credit score or credit report standards required for checking approval. A weak credit report won’t always lead to a denial, but serious negative information could affect the outcome.

Budget Checking Has a Low Monthly Fee

Synovus Budget Checking is the bank’s lowest-cost personal checking option. It has a $3 monthly service fee.

You can avoid that fee when you enroll in My Synovus digital banking and electronic statements. The account requires a $100 opening deposit.

Budget Checking includes:

• Debit card access: Make purchases and withdraw cash with a Synovus debit card.
• Digital banking: Review transactions, transfer money, and manage account settings.
• Mobile deposits: Deposit eligible checks through the My Synovus app.
• Bill Pay: Schedule one-time and recurring payments online.
• ATM access: Use Synovus and Publix Presto! ATMs without a Synovus transaction fee.
• Account alerts: Receive notices about balances and account activity.

The fee waiver is easier to meet than the requirements on some other Synovus accounts. Budget Checking may work well when you’re comfortable with electronic statements and digital banking.

Budget Checking Isn’t a Second Chance Account

Synovus doesn’t clearly advertise Budget Checking as a second chance checking account.

The account has a low monthly fee and a simple waiver, but Synovus can still review your Equifax credit report and other application details. Low account costs don’t guarantee easier approval.

This distinction matters if another bank denied you because of ChexSystems. Synovus may not review that consumer report, but a poor credit report could create a different obstacle.

Call a Synovus branch before applying when your credit report contains recent charge-offs, unpaid collections, or suspected identity theft. Ask what identification and opening deposit you’ll need.

Synovus Plus Has Higher Fee-Waiver Requirements

Synovus Plus Checking requires $100 to open and charges a $10 monthly service fee.

You can avoid the monthly fee through one of these methods:

• Personal relationship balance: Keep at least $10,000 across eligible Synovus accounts.
• Monthly deposits: Receive at least $3,500 in deposits to personal checking accounts.
• Business relationship balance: Keep at least $500,000 across eligible business accounts.
• Military status: Eligible members of the military community may receive a waiver.

The account includes added relationship benefits, but the waiver requirements may be difficult for someone who needs simple everyday checking.

Budget Checking may cost less unless you already meet one of the Synovus Plus requirements.

Check Both Consumer Reports Before Applying

Synovus doesn’t use ChexSystems, but you should still review your ChexSystems consumer report. Another bank or credit union may check it later.

Review it for:

• Unknown accounts: An account you don’t recognize may point to identity theft.
• Incorrect balances: Confirm that every reported amount is accurate.
• Paid debts shown as unpaid: A resolved balance should have the correct status.
• Wrong closure reasons: Make sure the former financial institution reported what happened correctly.
• Incorrect dates: A mistake may make an older problem appear more recent.

You should also review your Equifax credit report before applying. Check for accounts that aren’t yours, incorrect late payments, outdated balances, and duplicate collection accounts.

Dispute errors with the company that issued the consumer report. Include payment records, account statements, identity theft documents, or other proof that supports your claim.

What Could Still Cause Synovus to Deny You?

A clear ChexSystems consumer report isn’t required, but another issue may prevent approval.

Possible reasons include:

• Credit report problems: Serious negative Equifax information may affect the decision.
• Identity verification: Synovus may not be able to confirm your personal details.
• Incorrect application information: A wrong address or Social Security number may stop the review.
• Fraud concerns: Conflicting details may raise account security concerns.
• Previous Synovus debt: An unpaid balance from an earlier Synovus account may need to be resolved.
• Opening deposit: You may not provide the required $100 deposit.

Synovus states that its checking accounts are subject to approval. Applicants may open eligible accounts online, though the bank may require extra documents or a branch visit.

What to Do if Synovus Denies You

Ask Synovus which consumer reporting company affected the decision. The bank should provide an adverse action notice when a consumer report contributes to a denial.

Request a copy of the consumer report and inspect the information that caused the problem. File a dispute when any details are wrong.

When the information is accurate, work on resolving unpaid debts or collections before you apply again. A bank that doesn’t check ChexSystems may still deny an account when another consumer report shows serious problems.

Banks That Don’t Use ChexSystems

If Synovus Bank doesn’t align with your financial goals, there are several other banks that skip ChexSystems entirely. These institutions offer straightforward checking accounts with quick approval and full online access.

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.