What is ChexSystems?

ChexSystems is a consumer reporting agency that tracks your banking history, including things like bounced checks, unpaid overdraft fees, and accounts closed for cause. When you apply to open a checking or savings account, many banks pull your ChexSystems report to check for these issues.

If a bank is sensitive to ChexSystems, a bad record can get your application denied before you even get to the bonus. That matters when you're trying to open several accounts in a row.

The good news is that not every bank uses it. Online banks and fintechs especially tend to be more lenient, and some skip the ChexSystems check entirely. Even banks that do check it may still approve you if the negative item is small or several years old.

You're entitled to a free copy of your ChexSystems report once a year at consumerdebit.com. If you're new to this and planning to open a few accounts, it's worth pulling yours just to know what's there.