Listing of National Non-Chex Systems Banks
Ranked #9,501 in Education, #203,394 overall
People Who Have Been Turned Down for a Checking Account Now Have an Alternative
You may have had the following experience: over the past few days, weeks or months, more than one bank has turned you down for a new checking account.
Of course, nobody likes rejection. But, beyond the feeling of rejection is just the plain inconvenience of not being able to have one's own checking account. You almost NEED a checking account in today's world if you want to function like a normal consumer.
You may be happy to know that there is actually a very good reason why your applications are being turned down: something called Chex Systems. This is a risk-assessment database that banks refer to, often just flatly rejecting checking account applicants whose names appear there.
Fortunately, there is an alternative for you if your name has been reported to Chex Systems. You can find a bank that does not use Chex Systems. In this lens, we explore useful information on how to select a non-Chex Systems bank and where to find a listing.
Of course, nobody likes rejection. But, beyond the feeling of rejection is just the plain inconvenience of not being able to have one's own checking account. You almost NEED a checking account in today's world if you want to function like a normal consumer.
You may be happy to know that there is actually a very good reason why your applications are being turned down: something called Chex Systems. This is a risk-assessment database that banks refer to, often just flatly rejecting checking account applicants whose names appear there.
Fortunately, there is an alternative for you if your name has been reported to Chex Systems. You can find a bank that does not use Chex Systems. In this lens, we explore useful information on how to select a non-Chex Systems bank and where to find a listing.
All About Chex Systems: Letting the Cat out of the Bag
Now, of course, most banks (about 80% of them) think of Chex Systems as a little angel, rather than a little devil. Why? Because those banks use Chex Systems as sort of a financial crystal ball, telling them whether or not a checking account applicant should be deemed a credit risk.
Trouble is, Chex Systems does not work the way other risk-assessment systems, such as the FICO (or credit) score, work. Chex Systems provides no sliding scale score. Rather, your name just appears there or it does not. If it appears there, this tells the bank that you are a risk. In fact, appearing in Chex Systems is usually cause for instant rejection by the bank.
You can appear in Chex Systems for a number of reasons, including having committed some sort of bank fraud, having abused a credit or debit card, of having not re-paid a bank for their having covered one of your past overdrafts.
So, what can you do to fight such a rejection? Not much, except to leave and find another bank that does not refer to Chex Systems when making a decision about a checking account applicant.
5 Things to Look for in a Checking Account
If you are going to the trouble of finding the right bank, you might as well make the right choice on all fronts. Here are 5 things to look for when finding a new bank.
- Find a bank that does not use Chex Systems.
- Find out what their overdraft fee policy is. You can find banks now that do not charge overdraft fees.
- Make sure the bank gives you access to ATMs machines anywhere in the country.
- Find a bank that offers an online banking option.
- Make sure they are FDIC-insured.
Useful links for people looking for a better banking experience.
- Which Banks Do Not Use Chex Systems?
- Listing of Banks that Do Not Use Chex Systems
- Escape Overdraft Fees
- Find a Bank that Does not Charge Overdraft Fees
- Approve My Loan
- Get Approved for an Un-Secured, Short-Term Loan
- Second Chance Checking
- Find a Second Chance Checking Account
Other Lenses You Might Find Helpful
by OutdoorExplorer
OutdoorExplorer
Everett is a lover of all things travel, outdoors, and adventure. When he's not working as a freelance writer, he's traveling around the U.S. and beyo... more »
- 21 featured lenses
- Winner of 7 trophies!
- Top lens » Banks Without Overdraft Fees
Feeling creative?
Create a Lens!
Explore related pages
- Open Second Chance Checking Account Online Open Second Chance Checking Account Online
- Guaranteed 2nd Chance Checking with No Initial Deposit Guaranteed 2nd Chance Checking with No Initial Deposit
- Banks Without Overdraft Fees Banks Without Overdraft Fees
- How To Get A Checking Account And Use It To Your Advantage How To Get A Checking Account And Use It To Your Advantage
- Most foremost benefit of second chance banking Most foremost benefit of second chance banking
- Open A Bank Account No-Chex-Systems Banking Open A Bank Account No-Chex-Systems Banking
