Does Farmers & Merchants Bank Use ChexSystems? Is it Good for Bad Credit?

Considering Farmers & Merchants Bank or already applying for its account? Find out whether Farmers & Merchants Bank 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.

Farmers & Merchants Bank

Several members of our community have reported that Farmers & Merchants Bank 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 Farmers & Merchants Bank 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
138 North Salisbury Avenue Granite Quarry, NC 28072
Deposit Insurance
FDIC
Established On
Jan. 1, 1909
CEO
-
Headquarter
North Carolina
Number of Members
-
Community Bank
Yes
Institution Class
Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Institution Type
Bank
Credit Union Programs
-
Low Income Designation
-
Member of FHLB
-
Total Assets
$535,769,168
Asset Concentration
Commercial Lending Specialization
Charter Number
-
Routing Number
-
Membership Eligibility
-
Accounts Offered
-
Electronic Services
-
Access to Electronic Services
-
Services & Products: Credit
-
Services & Products: Depository
-
Services & Products: Financial Education
-
Services & Products: Other
-
Services & Products: Transactional
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