Have you been denied a checking account due to a negative banking history? If so, you still have options to consider. Many banks offer alternative banking solutions to help individuals regain financial stability, even after being turned down by traditional banks.
ChexSystems is a consumer reporting agency that tracks certain banking behaviors, such as overdrafts, unpaid fees, or account closures. Once flagged, these records can remain on your ChexSystems report for up to five years, which can affect your ability to open new accounts. Since around 80% of banks and credit unions in the U.S. rely on ChexSystems, it can present a challenge for those with a troubled banking history.
Wells Fargo’s ChexSystems Policy
If you’re considering opening a checking account with Wells Fargo, be aware that they do use ChexSystems to screen applicants. If your ChexSystems report has negative entries, it could impact your chances of being approved for a standard checking account.
Wells Fargo’s Clear Access Banking Account
Even though Wells Fargo uses ChexSystems, they also offer a second chance option known as the Clear Access Banking account. This account is designed to help individuals with past banking issues rebuild their financial standing. The Clear Access Banking account comes with low fees and no overdraft option, making it a good choice for people looking to avoid the risk of accumulating fees.
Other Banks That Don’t Use ChexSystems
In addition to Wells Fargo’s Clear Access Banking account, several other banks and credit unions don’t rely on ChexSystems for account approvals. Here are some great 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 4.50% 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.
Crediful is your go-to destination for all things related to personal finance. We're dedicated to helping you achieve financial freedom and make informed financial decisions. Our team of financial experts and enthusiasts brings you articles and resources on topics like budgeting, credit, saving, investing, and more.