Does CPM Federal Credit Union Use ChexSystems? Is it Good for Bad Credit?

Considering CPM Federal Credit Union or already applying for its account? Find out whether CPM Federal 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.

CPM Federal Credit Union

Several members of our community have reported that CPM Federal 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.

Top Banks That Don’t Use ChexSystems

Below you will find banks that don’t use ChexSystems as an alternative to CPM Federal 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.

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The 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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Main Office
1066 E Montague Ave North Charleston, SC 29405
Deposit Insurance
Established On
James Gergen
South Carolina
Number of Members
Community Bank
Institution Class
Federal Credit Union - Multiple common bond - other
Institution Type
Credit Union
Credit Union Programs
Deposits and Shares Meeting, Approved Mortgage Seller, Mortgage Processing
Low Income Designation
Member of FHLB
Total Assets
Asset Concentration
Charter Number
Routing Number
Membership Eligibility

In order to become a member you must meet the eligibility requirements. If you live, work or worship in the Charleston area then you qualify for membership. However, if you are in the upstate or midlands area of South Carolina you must work for one of our member companies to qualify. Also, if you are a member of the South Carolina Fire Fighters Association then you automatically qualify for membership.

Accounts Offered
Electronic Services
e-Statements, Share Account Transfers, New Loan, Loan Payments, Mobile Payments, View Account History, Electronic Signature Auth./Cert., Download Account History, External Account Transfers, Share Draft Orders, Bill Payment, Account Balance Inquiry, Internet Access Services
Access to Electronic Services
Mobile Banking, Home Banking via Internet Website, Automatic Teller Machine (ATM), Audio Response/Phone Based
Services & Products: Credit
Business Loans, Real Estate Loans, Overdraft Protection/ Courtesy Pay, Share Secured Credit Cards, Risk Based Loans, Overdraft Lines of Credit
Services & Products: Depository
Share Certificates with low minimum balance requirement, No Cost Share Drafts
Services & Products: Financial Education
Financial Education, Financial Literacy Workshops, Financial Counseling
Services & Products: Other
Bilingual Services, No Cost Bill Payer, Insurance/Investment Sales
Services & Products: Transactional
ATM/Debit Card Program, No surcharge ATMs, Check Cashing, Money orders