Have you been denied a checking account because of a negative banking history? If so, it’s essential to know that there are still banking solutions available, even if traditional banks have turned you down.
ChexSystems is a consumer reporting agency that tracks specific banking activities, such as unpaid fees, overdrafts, and account closures. A record in ChexSystems can remain active for up to five years, which may impact your ability to open new accounts. Since about 80% of banks and credit unions in the U.S. rely on ChexSystems, this can be a significant hurdle for those with a troubled banking history.
Woodforest Bank’s ChexSystems Policy
If you’re thinking about applying for a checking account with Woodforest Bank, be aware that they do use ChexSystems when reviewing applications. This means that if your ChexSystems report has negative entries, it could affect your ability to open a traditional checking account.
Woodforest’s Second Chance Checking Account
The good news is that Woodforest Bank offers a second chance checking account designed specifically for people who have been flagged by ChexSystems. This account provides an opportunity for individuals to rebuild their banking history while still having access to essential banking services.
Alternatives to Woodforest Bank That Don’t Use ChexSystems
If you’re looking for additional options, several banks and credit unions don’t rely on ChexSystems when approving accounts. Here are three excellent 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.
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