Have you been turned down for a checking account due to a negative banking history? If so, you’re not alone. Thankfully, there are alternative banking solutions that can help you regain access to essential financial services.
ChexSystems is a consumer reporting agency that tracks banking activities like unpaid fees, overdrafts, and closed accounts. These records can stay active for up to five years, often making it difficult to open new accounts. With approximately 80% of U.S. banks and credit unions relying on ChexSystems, it can be a challenge for those with a problematic banking history.
How ChexSystems Affects Your Banking Options
When a bank uses ChexSystems, negative entries on your report can limit your ability to open new accounts. However, not every bank depends on ChexSystems. Some financial institutions offer second chance accounts, allowing you to rebuild your banking record and get back on track.
Texas Capital Bank’s Account Approval Process
Texas Capital Bank does use ChexSystems as part of their account approval process. This means that if you have a negative record in ChexSystems, it could impact your chances of opening an account with them.
Flexible Alternatives to Texas Capital Bank
If ChexSystems is causing difficulties for you at Texas Capital Bank, don’t worry—other banks and credit unions offer more flexible options. Here are three excellent alternatives to consider:
U.S. Bank
- Up to $400 sign-up bonus
- $25 minimum opening deposit
- Monthly service fee can be waived
- Over 40,000 fee-free ATMs
SoFi
- Up to $300 sign-up bonus with direct deposit
- No minimum opening deposit
- Earn up to 4.30% 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
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.
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