If you’ve had trouble opening a checking account because of past banking issues, you’re not alone. Many people look for options that don’t rely on ChexSystems to approve new accounts—and Varo is one of the most popular choices.
ChexSystems collects information about overdrafts, unpaid fees, and closed accounts. These records can remain on your file for up to five years, which often makes it harder to open new accounts during that time.
How ChexSystems Can Limit Banking Opportunities
ChexSystems plays a major role in how most banks evaluate customers. About 80% of U.S. banks and credit unions review this data before approving new accounts. If your record shows negative activity, your application may be denied.
Some banks, however, take a different approach. A few skip ChexSystems altogether, while others offer second chance accounts to help customers reestablish a positive banking history.
Varo’s Policy on ChexSystems
Varo does not use ChexSystems when reviewing account applications. That means you can open an account even if your ChexSystems file includes past issues like overdrafts or unpaid balances.
This makes Varo an excellent choice for anyone rebuilding their financial record. You can open an account online in minutes, access your paycheck early with direct deposit, and enjoy fee-free banking with no minimum balance requirement.
Other Banks That Don’t Use ChexSystems
If you want to explore additional options beyond Varo, the following banks also skip ChexSystems when approving new accounts:
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.
