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Do they know your checking account info?

Contributor

Do they know your checking account info?

So if you bank with bofa or chase(or any bank for that matter) and decide to get a bofa or chase credit card, does the cc side of the bank have access to or know how much money is going through your checking/savings account? 

8 REPLIES
Senior Contributor

Re: Do they know your checking account info?

If it's the same institution, certainly they would be able to see your other accounts.

Valued Contributor

Re: Do they know your checking account info?

I believe Chase and BoA report balance info to EWS. Anyone pulling EWS has access to it. However, I am not sure if many banks pull EWS for CC apps. You can read the comments from this blog post: http://www.doctorofcredit.com/everything-youve-wanted-know-early-warning-services-ews/
Community Leader
Senior Contributor

Re: Do they know your checking account info?

Hey CD.  You are right that Chase and BOA report to EWS rather than ChexSystems.  But I don't think our OP is actually asking about Chase or BOA.  Rather he's saying something like this:

 

Suppose you have a bank or CU.  The name of the institution doesn't matter -- it could be Regions, Chase, Alliant, Citi, Wells Fargo, Navy Fed, BOA, etc.  Call it X.  Suppose further that X issues both credit cards and also deposit accounts (savings and checking).  Suppose you do not have a credit card with X but do have a savings and checking with them.

 

Then you decide to apply for a credit card with X.

 

Does the team of people at X who approves credit cards look at what you do with your bank accounts at X?  Since it is all within the same institution?

 

 

Contributor

Re: Do they know your checking account info?

Yes, that is what am I asking. Another example would be if you ask for a cli from a bank that you have a checking account with AND a cc, would they look at your checking info to help determine your elgibility? 

Contributor

Re: Do they know your checking account info?

Anyone know the answer to above?

Valued Contributor

Re: Do they know your checking account info?

I don't know if THAT bank specifically does, but yes, some banks do.  

 

I had a credit union that once told me that I needed to have more money in my accounts before they would issue me a credit card.  This was a long time ago (the 90's).

 

As recently as last year, a different credit union made a credit card decision, in part, based on my total relationship with them.  And yes, they even told me that my total relationship with them was a factor.  Same with DH.

 

On the other hand, BOA denied me overdraft protection, despite my having a VERY healthy balance in my checking and savings accounts, three credit cards with balances paid in full each month, regular payroll deposits, no history of ever doing them wrong (no overdrawn acct, etc), a long history with them, and a credit score of 805.  When asked why I was denied, they replied "because we said so - it's our decision and we decided no".    Ok, whatever.  Stop payroll deposits.  Close checking.  Close savings.  Move money away from BOA.

Regular Contributor

Re: Do they know your checking account info?

In the situaiton described, yes, they have access to that informaiton and use it as part of the approval scoring process.  They will use every scrap of informaiton available, if its cost effective to obtain -- if they already own it, that's basically free info.

 

When I worked for USBank in their call center as a grunt, I could see basic information about a persons other accounts backed by the parent company.  It was occasionally an annoyance when someone had several accounts with us and would call in but not know their acct number (lost card, they're drunk or whatever) -- you have a list of accounts under that name / SSN and have to ask careful leading questions to figure out which one they're trying to access without wording it in such a way as to give a potential scammer more details they can use to carry out identity theft.


Established Contributor

Re: Do they know your checking account info?


orezzero wrote:

So if you bank with bofa or chase(or any bank for that matter) and decide to get a bofa or chase credit card, does the cc side of the bank have access to or know how much money is going through your checking/savings account? 


These banks in particular are known to value relationships when making credit decisions, so yes, it makes a difference.  how much difference will of course vary along with your mileage, but it *is*  a factor.