What should I do?

[Anonymous]

I've just opened a basic checking account at BOA - did not sign up for overdraft protection - did not apply for credit.  Couple days later I find out they pulled a hard inquiry on experian. They did not disclose it at the time of opening the account. Now I am worried about AA from amex. This brings it to 3 inqs on experian (including the amex) in the last 3 months.

Should I fight this with BOA? has anyone been able to get BOA to change a hard inq into a soft? I am so mad that they did not disclose it before I signed up, I would've walked away - isn't there a disclosure requirement? They have a vague disclosure in the booklet they give customers after the account is opened.

I feel like closing the account and taking my money somewhere else. Any advise?

thanks

[wmarat]

Unfortunately, banks pull hard when you opening checking or savings. They justify it by Patriot Act and I suspect it is legit.

Regarding Amex. If Amex decides to AA you, they will find reason to do so. Amex giveth, Amex taketh away. So, relax.

[Anonymous]

Unfortunately, these days, the banks almost always do a hard Inq to open a checking account (and sometimes the savings accounts too). Believe me, BoA disclosed it in the extra fine print, and there's not anything to except take a deep breath and grit your teeth. I bank with BoA too, so I've taken the same hit. The banks cite permissable purpose for the hard pull as being mandated by the Patriot Act, and other such vague reasons. It is what it is, these days.

I wish there were some way to get out of it, but there isn't. It does suck though. Here's hoping that you're able to stay under the radar with Amex!

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@Anonymous wrote:

I've just opened a basic checking account at BOA - did not sign up for overdraft protection - did not apply for credit.  Couple days later I find out they pulled a hard inquiry on experian. They did not disclose it at the time of opening the account. Now I am worried about AA from amex. This brings it to 3 inqs on experian (including the amex) in the last 3 months.

Should I fight this with BOA? has anyone been able to get BOA to change a hard inq into a soft? I am so mad that they did not disclose it before I signed up, I would've walked away - isn't there a disclosure requirement? They have a vague disclosure in the booklet they give customers after the account is opened.

I feel like closing the account and taking my money somewhere else. Any advise?

thanks

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[Anonymous]

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@wmarat wrote:

Unfortunately, banks pull hard when you opening checking or savings. They justify it by Patriot Act and I suspect it is legit.

Regarding Amex. If Amex decides to AA you, they will find reason to do so. Amex giveth, Amex taketh away. So, relax.

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when I asked them, they said it was not BOA, they claim they only review ChexSystem. The hard inq says BOA Bank on experian.

[jmbfl]

Nothing you can do. Opening a bank account is construed as PP for inquiring on your credit. Ascertaining your ID under the Patriot Act is the proferred excuse for doing so. I am not saying I agree with it - just that this is the way things are done. You can ask them to recode the inquiry as a soft, but I doubt they will do it.

Now I have a question for you. How would you like it if people were able to obtain a full consumer credit on you without your knowledge? That is the alternative. The FCRA requires that a record be maintained of all parties who are provided you CBR information for two years. This is at least in part to protect you by allowing you to access a record of all those who inquired on your credit.

[wmarat]

Look, Max. I think you should take things in right perspective. The only hard I've got from BOA (excluding CC) was when I opened checking with them. Any other account I opened was inq. free and not only for me but for DW also.

I am very pleased by BOA, so far and  there is no reason that you won't.

Besides any checking account you open equal to hard pull (with an exeption of Agricultural FCU, pre-Chase WaMu and Valley National Bank).

IMO it is better off starting relationship with BOA (BTW they offer plenty of CC with very generous CL) than thinking what paranoid Amex might or might not do.

[Anonymous]

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@wmarat wrote:

Look, Max. I think you should take things in right perspective. The only hard I've got from BOA (excluding CC) was when I opened checking with them. Any other account I opened was inq. free and not only for me but for DW also.

I am very pleased by BOA, so far and  there is no reason that you won't.

Besides any checking account you open equal to hard pull (with an exeption of Agricultural FCU, pre-Chase WaMu and Valley National Bank).

IMO it is better off starting relationship with BOA (BTW they offer plenty of CC with very generous CL) than thinking what paranoid Amex might or might not do.

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why couldn't they just disclose it upfront. a hard inq is an important detail for customers to know about it upfront.

Message Edited by Max09 on 10-11-2008 05:02 PM

[voidman]

I heard that inquires due to bank acc opening does not much or probaly no effect on the scores. Not sure about it, this is something I have read in the forum sometime back.

[Anonymous]

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@Anonymous wrote:

why couldn't they just disclose it upfront. a hard inq is an import details for customers to know about it upfront.

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I understand what your saying but most big banks do this so if you open another account with another bank depending on who it is it will be another hard inquire. Sometime they don't tell you these things that's why it's always good to ask upfront.

[Anonymous]

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@jmbfl wrote:

Nothing you can do. Opening a bank account is construed as PP for inquiring on your credit. Ascertaining your ID under the Patriot Act is the proferred excuse for doing so. I am not saying I agree with it - just that this is the way things are done. You can ask them to recode the inquiry as a soft, but I doubt they will do it.

Now I have a question for you. How would you like it if people were able to obtain a full consumer credit on you without your knowledge? That is the alternative. The FCRA requires that a record be maintained of all parties who are provided you CBR information for two years. This is at least in part to protect you by allowing you to access a record of all those who inquired on your credit.

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I am not sure I understand the question but I do not like it when a bank does not disclose something like this upfront. why hide it in a little booklet they give you after the fact. They did pull the hard inq without my permission or my knowledge. I found out about because I am signed with credit monitoring service.