Does Wescom Credit Union Use ChexSystems?

Updated

If you’ve had trouble opening a checking account because of a negative banking history, it’s important to know that you still have options. ChexSystems is a consumer reporting agency that keeps track of banking activities such as unpaid fees, overdrafts, and account closures. These records can stay on file for up to five years, which can make it challenging to open new accounts during that period.

How ChexSystems Can Impact Your Banking Choices

Approximately 80% of banks and credit unions in the U.S. rely on ChexSystems to evaluate new account applications. A negative report can lead to denied applications, limiting your access to traditional banking services. However, some financial institutions do not use ChexSystems, and others offer second chance accounts to help individuals rebuild their banking history.

Wescom Credit Union’s ChexSystems Policy

Wescom Credit Union does use ChexSystems when reviewing applications for checking accounts. This means that if you have a negative ChexSystems report, your application may be declined.

While Wescom Credit Union may not be a good fit, there are other banks and credit unions that don’t rely on ChexSystems. If you’re looking for alternatives, here are some to consider:

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Current

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Crediful’s rating

SoFi

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  • No minimum opening deposit
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  • Over 55,000 fee-free ATMs
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Crediful’s rating

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

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