Does CoVantage Credit Union Use ChexSystems? Is it Good for Bad Credit?
Considering CoVantage Credit Union or already applying for its account? Find out whether CoVantage Credit Union uses ChexSystems and offers a second chance checking or savings account.
You walk into your local bank branch and sit down with your bank representative to talk about opening a checking account. Maybe you’ve been through some financial difficulties in the past, but you are ready to get back on track. But maybe not. You may think your financials are in good shape.
You wait with bated breath through the application process, only to let it out in a sigh of disappointment.
The banking representative turns to you and says, “I’m sorry, but we can’t open an account for you right now. You were rejected by ChexSystems.”
At that point, the banker probably explained ChexSystems to you in detail. If you haven't already, you can read our in-depth guide to ChexSystems and ChexSystems removal, and why it may be having a negative impact on your financial life.
Denials like these are surprisingly common. In fact, CNN has reported that approximately 15% of bank applicants are denied regular bank accounts.
CoVantage Credit Union
Several members of our community have reported that CoVantage Credit Union DOES use ChexSystems but you can still qualify for an account if you don't owe any money to the bank. A second chance checking or savings account is another option to consider. Check out their financial products below and visit the official website to learn more.
Details | |
|---|---|
| Method of Verification | Credit report |
| Notes | - |
| Official Response (Email or Phone) | We use Trans Union Credit Reporting Agency. Yes, we do look at 650 or higher for a checking account. However, we do look at the type of collections that a person may have on their bureau and make our decision. Some accounts may be opened with less than a 650. We do not use any of the other systems you listed. |
Top Banks That Don’t Use ChexSystems
Below you will find banks that don’t use ChexSystems as an alternative to CoVantage Credit Union in any step of the process. You can be sure that these banks won’t ever cross reference your records before deciding whether to let you open an account.
The list is suggested by our readers. Please consider the Unchex editor's curated list of banks that don't use ChexSystems for all the banking options available nationwide.
Editor's Choice
CIT Bank
The CIT Bank Savings Connect account is the best among banks that don’t use ChexSystems. Unlike many other non-ChexSystems accounts, the CIT Bank Savings Connect is also a high-yield savings account that can help grow your savings much faster than most other banks can.
Features and Benefits:
- Interest-bearing
- Minimum balance requirement: $0
- Monthly maintenance fee: $0
- Monthly ATM charge reimbursements of up to $30
Why is it recommended for you?
Although CIT Bank has a relatively high minimum deposit ($100) to get started, it offers one of the best interest rates among online banks, and has no opening, monthly servicing, online transfer or incoming wire fees.
Apply NowThe Best Alternative
The Complete ChexSystems Removal Kit
Our comprehensive ChexSystems Removal Guide includes the exact documents and instructions guaranteed to help you get off ChexSystems and start banking again.
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Membership Eligibility
You are eligible for membership if you fit into one of the following groups:
- You live or work in the Wisconsin counties of Brown, Clark, Florence, Forest, Langlade, Lincoln, Marathon, Menomonee, Oconto, Oneida, Outagamie, Portage, Price, Shawano, Taylor, Waupaca and Wood, Wisconsin: persons residing or employed in Dickinson and Iron Counties, Michigan.
- You are a spouse, parent, child, stepparent, stepchild, sibling, step-sibling, grandparent, step-grandparent, grandchild or step-grandchild of a current CoVantage Credit Union member.
- You are a member of Servco FS Cooperative (formerly Farm Bureau Cooperative) in Antigo.
- You are a present student or alumni of a post-secondary school in Marathon County.
- You were a member at the time of the merger with Shawano Paper Mills Employees Credit Union.
- You are an employee of Little Rapids Corporation, Shawano Mill, or Weber Veneer & Plywood Company.