One of the first financial steps that many people take is opening a checking and savings account. Banks don’t look at your credit score when you open a checking and/or savings account, but they may screen your banking history.
Can you be denied opening a savings account?
If you are unable to verify the correct information, your savings account application may be denied. You owe too much money to other accounts in your name. If you have overdrawn other accounts for long periods of time, this may have been reported to your ChexSystems history by another financial institution.
Does having money in a savings account help your credit?
Your bank account information doesn’t show up on your credit report, nor does it impact your credit score. Yet lenders use information about your checking, savings and assets to determine whether you have the capacity to take on more debt.
How does ChexSystems help banks open checking accounts?
ChexSystems helps banks decide whether or not to open a checking account for a new customer.
Can you open a second chance account with ChexSystems?
A second chance account is designed to help you build a positive history with ChexSystems. After several years of responsible banking with a second chance account, you may be able to open another account with a bank that uses the ChexSystems service. Here are some banks that offer second chance accounts:
Can you get a ChexSystems report for free?
You also have the right to pull a free copy of a ChexSystems report used in a decision to deny your application for a new account. After you’ve been denied, the bank or credit union is required to give you an “adverse action” notice, which will include contact information for the company that provided the report.
Are there any credit unions that don’t use ChexSystems?
Langley Federal Credit Union Langley is another credit union that doesn’t use ChexSystems. They are located in Virginia, but membership is open to customers in all 50 states. You must first open a share savings account with a minimum deposit of $5 before you can open a checking account.
