Denied a bank account? ChexSystems explained

The report banks check before opening an account, how long records stay, and how to fix errors.

What it is

ChexSystems is a consumer reporting company that tracks problems with bank accounts, such as unpaid overdrafts or accounts closed for cause. Many banks check it before opening an account.

How long records stay

Records generally stay for up to five years.

Your rights

Because it is covered by the Fair Credit Reporting Act, you can request a free copy of your ChexSystems report every 12 months and dispute anything inaccurate.

Getting banked again

If a record is accurate, paying the bank what you owe can help. Many banks and credit unions also offer "second chance" checking accounts.