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ChexSystems Freeze: 5 Easy Steps To Put Your Report On Ice

Placing a ChexSystems freeze prohibits anyone from opening bank account in your name and prohibits ChexSystems from releasing information..

ChexSystems is a consumer reporting agency that keeps track of your deposit accounts with banks and credit unions.

Since ChexSystems is similar to a credit reporting agency, like Transunion, Experian, or Equifax, you have the right to freeze your ChexSystems report.

When you freeze your ChexSystems report, you prohibit the ChexSystems from releasing any information without your consent.

5 Steps to Place a ChexSystems Freeze

Step 1. Visit the website
Step 2. Input basic information such as your Name, Birthdate, Current Address and Social Security Number.
Step 3. Submit your ChexSystems freeze request online.
Step 4. ChexSystems will mail you a Personal Identification Number (PIN).
Step 5. Once you receive your PIN by mail keep track of it. You will need the PIN to for a temporary lift, removal, or change your personal identifying information.

Reasons to freeze your ChexSystems Report

A ChexSystems freeze will automatically result in a denial of account service if you attempt to open a new bank account.

Pros of a ChexSystems Freeze

  • Protect against bank account opening fraud.
  • Adding a ChexSystems freeze will provide another layer of protection against identity theft.

Cons of a ChexSystems Freeze

  • Not all banks use ChexSystems, so a freeze won’t eliminate your risk.

Some people mistakenly believe a ChexSystems freeze will allow them to open a bank account with a negative banking history, it won't.

Unless you chose from banks that don't use ChexSystems, it will be difficult to bypass ChexSystems. The bank where you apply may simply request you unfreeze your ChexSystems record or flat out deny you if you refuse.

5 Banks that don't use ChexSystems

1. Upgrade

Features and Benefits

Upgrade Rewards checking account does not use ChexSystems. The no-fee checking account that earns you 2% cash back on common everyday expenses like groceries, gas and utilities, 1% on everything else. No ATM fee, no account fee, no monthly or annual fee, no transfer fee, no overdraft fee.

  • Opening deposit. Upgrade is a free online checking account with no opening deposit.
  • No account fees. No ATM fees, no account fees, no transfer fees.
  • Savings. Pair with a 3.50% APY High Yield Savings account and reach your goals faster.
  • 2% Cashback. On purchases at certain merchants from drug stores, gas stations, monthly subscriptions, restaurants and cell phone companies.
  • 1% Cashback. Unlimited 1% cash back on all other charges.
  • FDIC-Insured. Up to $250,000.

2. Chime

Features and Benefits

Chime checking account does not use ChexSystems or credit reports to open new accounts. Chime's mobile app is rated both the iOS version and the Android version 4.8 stars, both out of 5. Customers get access to balance updates and real-time transaction alerts and debit card management tools to change PIN number or block card if lost or stolen.

  • Opening deposit. Chime is a free online checking account with no opening deposit.
  • No account fees. No monthly, transfer, or overdraft fees.
  • ATM fees. Fee-free withdrawals at over 60,000 ATMs.
  • Savings. Pair with a 2.50% APY High Yield Savings account.
  • Early paycheck. Paycheck arrives up to two days early with direct deposit.
  • Overdraft protection. Chime SpotMe® lets you overdraft up to $200 on debit card purchases with no fees with qualifying direct deposit.
  • Cash Deposit. Cash deposit is offered through third-party retailers.
  • FDIC-Insured. Up to $250,000.

3. Acorns

Features and Benefits

Acorns checking account provides an account with no overdraft fees and free access to 55,000+ ATMs. Acorns combines banking and investing by automatically investing your spare change every time you make a debit card purchase. The Acorns marketplace gives customers a small percentage back on purchases made at hundreds of major retailers, including Walmart. The cash back that you earn shopping on Found Money is placed in your Acorns Invest account.

  • Opening deposit. $5 opening deposit.
  • Account fees. $5 monthly service fee.
  • ATM fees. Acorns Checking does not charge fees on ATM transactions.
  • Visa Debit Card. Free debit card and the option to lock/unlock the card if lost or stolen.
  • Early paycheck. Paycheck arrives up to two days early with direct deposit.
  • Free bill pay. Online Bill Pay allows you to pay bills easily from your account.
  • Online banking. Acorns Checking allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
  • FDIC-Insured. Up to $250,000.

4. OneUnited

Features and Benefits

Current lets you add cash at over 60,000 retailers across the country. The Current Account does not use ChexSystems or pull a credit report to open accounts. The savings pod feature with Current Banking earns 4.00% up to a $6,000 balance.

  • Opening deposit. $10 minimum deposit.
  • Account fees. No monthly service fee.
  • ATM fees. 40,000 fee-free Allpoint ATMs in the U.S.
  • Savings. Earn 4.00% APY up to $6,000
  • Early paycheck. Paycheck arrives up to two days early with direct deposit.
  • Overdraft protection. No overdraft fees when you overdraw by up to $200 with Overdrive™.
  • Cash deposits. Make cash deposits at more than 60,000 retailers, including participating CVS Pharmacy, 7-Eleven, Dollar General, and Family Dollar.
  • Cashback. Earn points for unlimited cashback at participating retailers.
  • FDIC-Insured. Up to $250,000.

5. Albert

Features and Benefits

Albert banking will spot you up to $250 so you can make ends meet. There are no late fees, interest, or credit check for the cash advance. If set up direct deposit you'll get your paycheck up to 2 days early. You get a free Mastercard debit card that you can earn cashback on gas️, groceries, delivery, and more.

  • Opening deposit. No opening deposit requirement.
  • No account fees. $0 minimum balance and $0 maintenance fees.
  • ATM fees. Withdraw cash for free at over 55,000 ATMs.
  • Cash Advance. Advance up to $250 from your next paycheck.
  • Early paycheck. Paycheck arrives up to two days early with direct deposit.
  • Cash back. Earn up to 20% cash back.
  • FDIC-Insured. Up to $250,000.

How to Remove the Security Freeze

If you wish to remove the ChexSystems security freeze, you can request to remove it temporarily or permanently at ChexSystems’ website.

1. You'll need your Personal Identification Number and Social Security Number.
2. Once you enter your PIN and SSN you'll have three options:

  • Permanently remove your security freeze – A permanent lift may leave your ChexSystems information vulnerable. A permanent removal is not recommended if you have any reason to be concerned about the security of your information.
  • Temporarily lift your security freeze – To apply for a bank account or other financial services that pulls ChexSystems reports, you may request a temporary “lift” to the security freeze to conduct business.
  • Remove your temporary lift – You can specify how long you want the security freeze to be lifted—a day, week or more. Removing a temporarily lift put your ChexSystems report back on freeze mode.

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