If you’ve been turned down for a checking account, ChexSystems may be the reason. Many financial institutions use this reporting agency to review your banking history before approving new accounts.
ChexSystems tracks negative activity such as unpaid overdrafts, returned checks, and closed accounts. These records can stay active for up to five years and make it harder to open a new account elsewhere during that time.
How ChexSystems Affects New Account Approvals
Around 80% of banks and credit unions in the U.S. review ChexSystems reports when deciding whether to open new accounts. If you have negative marks on your record, your application could be denied even if you’ve resolved old debts or fees.
Fortunately, some financial institutions either skip ChexSystems checks altogether or offer second-chance options that give people a way to rebuild their banking access.
Wescom Credit Union’s ChexSystems Policy
Wescom Credit Union does use ChexSystems when reviewing applications. So if your ChexSystems record includes any negative marks, there’s a chance your account request could be denied.
That doesn’t mean you’re out of luck, though. Several banks and credit unions take a more flexible approach. If you want a checking account without the ChexSystems hurdle, the following options are worth a look.
Other Banks That Don’t Use ChexSystems
If you’ve been denied by Wescom, these alternatives can help you open a new account without a ChexSystems review.
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.
