If you’ve had difficulty opening a checking account because of a negative banking history, you’re not alone. ChexSystems is a consumer reporting agency that records your banking activities such as unpaid fees, overdrafts, and account closures. These records can remain on file for up to five years, making it challenging to open new accounts at many banks and credit unions.
The Impact of ChexSystems on Your Banking Options
Approximately 80% of banks and credit unions in the United States use ChexSystems to screen new applicants. A negative ChexSystems report can lead to denied applications, limiting your access to essential banking services. However, not all financial institutions rely on ChexSystems. Some even offer “second chance” accounts to help individuals rebuild their banking history.
VyStar Credit Union’s ChexSystems Policy
VyStar Credit Union does use ChexSystems when reviewing applications for new accounts. If your ChexSystems report contains negative information, your application may be declined. This can make it difficult to open an account with VyStar if you’ve had past banking issues.
If VyStar Credit Union isn’t an option for you, consider exploring other banks and credit unions that don’t use ChexSystems. Here are some options that provide you with the opportunity to open a checking account and start rebuilding your financial standing:
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
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
Chime
- Up to 3.75% APY on a high-yield savings account
- Over 60,000+ 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.
