About 80% of banks and credit unions use ChexSystems as a helpful decision tool to decide whether or not to open an account for you. This credit report agency has both negative and neutral items that tell the bank a little about how you’ve been using your bank accounts. Some banks are keen and lookout for those who’ve been opening multiple accounts within a year, and this can affect which bonuses you earn. If you’ve been opening bank accounts from our exclusive list of Best Bank Bonuses, then you might start to worry when you’ll be reaching a “limit.” This guide will show you a little of what ChexSystems provides banks and which banks are sensitive to ChexSystems. In general, you should be able to safely open up to 10 bank accounts within a year.
Negative Items on ChexSystems Reports:
When banks use ChexSystems, they look at certain items that negatively affect their decision of opening an account for you. Some of the items they pay close attention to are listed below.
- Unsatisfied balances
- Check overdrafts
- Depositing fraudulent checks
- Suspicious account behavior reported by other banks (e.g possible structuring)
These negative items will stay on your report for about 5 years before being removed.
Neutral Items on ChexSystems Reports:
Banks that are more worried about fraudulent behavior will be checking more of the neutral items posted on your ChexSystems report. Some of the neutral items are listed below:
- Amount of accounts opened within the past year
- Amount of accounts applied for within the past 90 days
Banks that assume you only apply for an account for the bank bonus will pay more attention to these neutral items. After doing some research, we’ve found which banks are more sensitive to ChexSystems reports.
Banks Sensitive to ChexSystems Reports:
| Bank | Sensitivity | Review |
|---|---|---|
| Bank of Canton | Denied with 10 inquiries in past 6 months/20 in the past 12 months | Review |
| Bank of the West | Declined for 20+ accounts in two years Denied for 15+ accounts in two years | Review |
| BBVA Compass | Hard pull via TransUnion. Not sure what limit is, but they are sensitive to too many inquiries. | Review |
| Blue Federal Credit Union | Denied with 10+ inquiries in last couple of years. Denied with 8 this year. CSR mentioned more than 3 accounts in past 6 months would lead to denial | Review |
| Blue Hills Bank | Denied with 15+ inquiries Denied with 2 accounts in last 12 months | Review |
| Byline Bank | Denied if you've had more than 2 inquiries | Review |
| Cambridge Savings Bank | Declined with 15+ inquires in last year Declined with 20+ in last six months | Review |
| Capital Bank | Review | |
| Carver Federal Savings Bank | Denied by having 5+ accounts | Review |
| Christian Community Credit Union | Denied with 26+ inquires | Review |
| Citibank | Denied with 9+ account openings in past 4 months | Review |
| Dedham Savings Bank | Declined with 20+ inquiries in last 6 months | Review |
| Eastern Bank | Declined with 5+ inquiries | Review |
| Elements Financial | Mixed Reports | Review |
| Elevations Credit Union | Denied for 12 inquiries in last 8 months | Review |
| Evansville Teachers FCU | Mixed Reports | Review |
| E*Trade | Declines if you've had more than 10 inquiries | Review |
| First Federal Bank | Not sensitive to ChexSystems | Review |
| First National Bank | Review | |
| First Tech Federal Credit Union | Denied with 15+ bank accounts in the last 24 months | Review |
| First Tennessee | Not sensitive to ChexSystems | Review |
| Justice Federal Credit Union | Declined with 7+ accounts in past 10 months | Review |
| KeyBank | Denied with 10+ inquires Declined with 5 inquiries in last 3 months | Review |
| LA Financial Credit Union | Review | |
| Level One Bank | Denied with 15 inquiries | Review |
| M&T Bank | Review | |
| Memory Bank | Review | |
| Newtown Savings Bank | Denied with 20+ in last year and 10-12 in last 6 months | Review |
| Northpointe Bank | Declines if you've had more than 16 inquiries in the past 2 years | Review |
| Nevada State Bank | Declined with 11 in last 12 months | Review |
| People's United Bank | Closed after having 5-7 accounts opened within 4 months. | Review |
| PerkStreet | Declines if you've had more than 10 inquiries | Review |
| PNC Bank | Denied for 30+ inquiries in three years | Review |
| Popular Community Bank | Closed after initially being opened due to too many inquiries. Had 5-7 accounts in four months prior. | Review |
| Premier America Credit Union | Declined initially with 8 inquiries in past 3 months, approved through revaluation | Review |
| Provident Credit Union | Denied for 12+ accounts in the past two years | Review |
| Ridgewood | Denied with 7 inquiries in past 12 months Denied with 9 inquiries in past 12 months | Review |
| Sound Credit Union | Denied with 10+ inquiries in last 12 months | Review |
| Thrivent Credit Union | Denied with 15+ inquiries | Review |
| The Bank of Elk River | Review | |
| Unify Financial Credit Union | Review | |
| United Nations FCU | Denied with 4-5 accounts | Review |
| Union Bank | Declined for opening 2 accounts in past week | Review |
| Union Community Bank | Denied with +15 inquiries in last 6 months | Review |
| Union Bank & Trust | Not sensitive to ChexSystems | Review |
| Valley National Bank | Denied with 4-5 accounts in the past month | Review |
| Unity Bank | Denied if more than 15 inquiries | Review |
| Wells Fargo | Only sensitive to negative balance reports | Review |
| WesBanco | Declined with 15+ inquiries in past 12 months | Review |
Banks Not Sensitive to ChexSystems Reports:
| Bank | Sensitivity | Review |
|---|---|---|
| Alliant | Approved with 15 inquiries in the last 7 months | Review |
| BMO Harris | Approved with 5+ inquiries in the past 3 months | Review |
| Bryn Mawr Trust | Approved with 10+ accounts in two months | Review |
| Chase | Approved with 20+ new accounts opened | Review |
| Citizens Bank | Approved with 15+ inquiries | Review |
| Discover | Approved with 15+ inquiries | Review |
| East Boston Savings | Approved with 15+ inquiries | Review |
| First Tennesse | Approved with 30+ inquiries in last 3 years | Review |
| Home Savings Bank | Approved with 20+ inquires in past 6 months | Review |
| HSBC | Approved with 12 inquiries in last 6 months | Review |
| Integrity Bank | Approved with 10+ inquiries | Review |
| M&T Bank | Approved with 30+ inquiries in last 12 months | Review |
| My Banking Direct | Approved with 15+ inquiries | Review |
| Santander | Approved with 15+ inquiries | Review |
| Stoneham | Approved with 15+ inquiries | Review |
| TD Bank | Approved with 15+ inquiries | Review |
| Tech Credit Union | Approved with 7 inquiries in the past 3 months | Review |
| TIAA Direct | Approved with 15+ inquiries | Review |
| U.S. Bank | Approved with 15+ inquiries | Review |
| Webster | Approved with 15+ inquiries | Review |
Bottom Line:
With this information, you should be able to strategically plan which accounts you open. Please be sure to let us know your experiences when it comes to opening accounts. With your help, we will be updating this list as much as possible to provide you with the best bank knowledge you need to stay hustling.
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