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6 Banks With No ChexSystems

Published June 28, 2024
Steven Porrello
By: Steven Porrello
Steven Porrello
Steven Porrello
Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Our Banking Expert

Ashley Maready
Check IconFact Checked Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Although banks don't often check credit reports when you apply for an account, they might look at what's called your ChexSystems report. This report might include banking blemishes from your past, such as involuntary account closings and unpaid negative balances, and could lead a bank to deny your application for a new account.

Fortunately, a handful of banks do not run a ChexSystems check (or else forgive past activities found therein) when you apply for a new account, thereby giving you another chance to rebuild your banking history.

Below, we'll take a closer look at the banks that don't use ChexSystems reports when reviewing new account applications.

What is ChexSystems?

ChexSystems is a reporting agency that collects data on your banking history -- especially negative or suspicious activities related to closed bank accounts -- and supplies it to financial institutions for assessing your risk as a new client.

You can think of a ChexSystems report as a kind of "credit report" for banks. It gives financial institutions an overview of your past activities and helps them decide whether to approve your application for a new account.

As such, a ChexSystems report will list details about involuntary account closures, bounced checks, insufficient funds, unpaid negative balances, fraud or identity theft, and any suspected account or debit card abuse.

Your report may also include any recent account inquiries or applications, as well as check orders you've placed and how many you've requested. It won't include active, open bank accounts or closed accounts with no negative history.

Banks that don't use ChexSystems

Several of our favorite banks offer second-chance accounts to those with blemishes on their ChexSystems report. Better yet, many online banks don't even deal with ChexSystems reports at all. Below are six such banks that will give you a second chance.

Ratings Methodology
Rates as of Jun 29, 2024
Award Icon 2024 Award Winner

SoFi Checking and Savings

Open Account for SoFi Checking and Savings
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
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= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for SoFi Checking and Savings
Offer Alert
New customers can earn up to a $300 bonus with qualifying direct deposits!
APY
up to 4.60% Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
  • Competitive APY on both Savings and Checking
  • No account fees
  • Welcome bonus up to $300 (direct deposit required)
  • Early access to direct deposits
  • Tools to help you track savings goals
  • Unlimited number of external transfers (up to daily transaction limits)
  • ATM access
  • FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • Overdraft protection requires monthly direct deposit minimum
  • No branch access; online only

For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300 and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.

You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.

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SoFi does not use ChexSystem reports when making decisions on its flagship account. That's the SoFi Checking and Savings account.

This fact, coupled with the account's big bank bonus and generous APY, makes it a good fit for a great number of people.

Ratings Methodology
Rates as of Jun 29, 2024

Capital One 360 Performance Savings

Open Account for Capital One 360 Performance Savings
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
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= Poor
Open Account for Capital One 360 Performance Savings
APY
4.25% Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. To Earn APY
$0
  • Competitive APY
  • Branch access
  • No account fees
  • Comfort of a well-known brand and reputation
  • 24/7 customer support
  • No ATM access

Capital One 360 Performance Savings checks all the boxes we look for in a high-yield savings account. It even offers branch locations and Capital One Cafes where customers can seek in-person support (if you live near one). This makes it a great fit when you want to reap the rewards of online banking but aren't quite ready to cut ties with brick-and-mortar banks.

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Capital One hasn't used ChexSystems reports for over a decade.

So, you can open a Capital One 360 Performance Savings or Capital One 360 Checking account without a ChexSystems report getting in the way.

Ratings Methodology
Rates as of Jun 29, 2024

Chime Checking Account

Open Account for Chime Checking Account
Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Open Account for Chime Checking Account
APY
0%
Min. To Earn APY
$0
  • Get direct-deposited funds up to two days early
  • Get instant paychecks with MyPay
  • No monthly maintenance or overdraft fees
  • No minimum balance requirement
  • No foreign transaction fees
  • No ChexSystems check to open an account
  • Free peer-to-peer (P2P) payments
  • Overdraft up to $200 without fees with SpotMe
  • Must open a checking and savings account together
  • No physical branch locations
  • Mediocre customer service

Chime Checking is a fee-free account that makes it easy to get paid early. It's a great option for folks worried about getting hit with surprise fees -- Chime has none of those. It's a great checking account for beginners wanting simplicity.

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

*Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

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Chime won't pull your ChexSystems report when you apply for its deposit accounts, like the Chime Checking Account. This account also has no monthly fees and no minimum to open.

What's more, Chime sports an above-average APY for its savings account.

Ratings Methodology
Rates as of Jun 29, 2024

Varo Savings

Read Review
Member FDIC.
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
= Fair
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Read Review
APY
Up to 5.00% Rate info Circle with letter I in it. Start earning 3.00% Savings APY, then qualify to earn 5.00% APY on your balance up to $5,000.00 for the following month by meeting these two requirements in the current month: 1) Receive qualifying direct deposit(s) totaling $1,000 or more; and 2) End the month with a positive balance in both your Varo Bank Account and Savings Account. You’ll continue to earn 3.00% APY on any additional balance above $5,000.00.
Min. To Earn APY
N/A
  • High savings account APY 
  • No monthly fees
  • Multiple deposit options
  • FDIC insurance 
  • Automatic savings tools
  • No single account option

Varo Bank doesn't use ChexSystems at all to determine whether you're eligible for an account. Since the Varo Savings account has a competitive APY, banking with this second-chance bank would give you access to a great rate on your savings.

Ratings Methodology
Rates as of Jun 29, 2024

Wells Fargo Clear Access Banking

Read Review
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
0%
Min. To Earn APY
N/A
  • Large network of physical branches and ATMs
  • Highly-rated mobile app
  • Wells Fargo Campus Card for participating colleges
  • Low APY
  • High overdraft and international payments fees
  • High requirements to qualify for waived fees

Wells Fargo has about 5,200 branches worldwide, with over 13,000 fee-free ATM locations, and The Wells Fargo Campus Card Program offers banking services at 27 schools in 13 states. Wells Fargo also has a program where students can take advantage of CollegeSTEPS® planning resources, which includes exclusive access to over 7 million scholarships.

Wells Fargo offers a second-chance bank account called Wells Fargo Clear Access Banking. The account has a $5 monthly service fee (waivable), a minimum of $25, and comes with a debit card.

If you're denied another Wells Fargo account, like the Wells Fargo Everyday Checking account, this could be a great second choice to remain banked while you rebuild your banking history.

Ratings Methodology
Rates as of Jun 29, 2024

PNC Foundation Checking

Read Review
Member FDIC.
Read Review
APY
0%
Min. To Earn APY
N/A
  • Does not use ChexSystems report to decide eligibility
  • Array of digital banking tools
  • No minimum deposit
  • Free cashier's checks
  • No overdraft or returned item fees
  • $5 monthly service charge (if not eligible for waiver)
  • Does not earn interest
  • Account may not be available in all states

Designed for those who may not qualify for a traditional checking account, PNC Foundation Checking is a second-chance bank account with many helpful digital features, including digital payments, online banking, and mobile banking. This account does not have a minimum to open, but it does have a $5 monthly service charge for anyone that is not a PNC Bank employee or age 62 or over.

PNC Bank offers a second-chance bank account, the PNC Foundation Checking account. The account has a $5 monthly service fee, but waives fees for several services that incur hefty ones at other banks, like cashier's checks and overdrafts.

How can you access your ChexSystems report?

The easiest way to access your ChexSystems report is by filling out the online form on the ChexSystems website. You can also request a ChexSystems report via mail, phone, or fax.

ChexSystems is required by law to give you a free copy of your report once every 12 months. Likewise, if a bank denies your application for a new account, you're entitled to a free report to help you understand their decision. You can also request a ChexSystems Consumer Score on its website, but ChexSystems will not reveal your score online. Instead, it will mail your score to your physical address.

Tips for improving your ChexSystems report

Negative activities from closed bank accounts will stay on your ChexSystems report for five years, after which ChexSystems is required by law to remove them. That said, much like you can improve your credit score with good credit habits, so, too, you can improve your banking report with certain practice. If you're looking to improve your ChexSystems report, here are some key practices to maintain:

Request a copy of your ChexSystems report

Study the negative activities found therein and see if you can spot any errors. Having a copy of your report can help you identify areas of improvement.

Pay off unpaid balances

Settle your debts, either paying them directly or by negotiating a lower payment with your bank. When you've paid off your debts, try to obtain documentation that the debt is settled, like a receipt. You can then send this to ChexSystems to see if it will remove the unpaid balance from your record.

Set up overdraft protection

Most banks let you link savings and checking accounts and will automatically withdraw from one to cover what's charged to the insufficient balance of the other. In this way, overdraft protection can stop insufficient funds activity from showing up on your report.

All in all, if you have blemishes on your ChexSystems report, the second-chance banks listed above could give you a way to repair your banking history. Several of these accounts have no monthly fees, no minimum balance requirements, and no overdraft fees, giving you a fresh start without any serious penalties.