Opening new bank accounts - hard inquiries?

[Anonymous]

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wmarat wrote:

I've been "softed" for checking by BOFA and Penfed and "harded" for MMA by AmTrust and Everbank

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LOL!!  BofA harded me twice!  PenFed harded me once but that was ok since I got a Visa and a sig loan out of the deal.

[Anonymous]

Overdraft protection is either a credit card or a savings account (that contains a required balance) so that when the user goes over, funds can be taken from one of these sources so that minimal effect from overdrafting occurs. I never have opted for this because IMO it promotes irresponsibility. Thank you very much but I will balance my checkbook and double and triple check.

So I do agree that there is a reasonable purpose to checking credit for overdraft protection purposes.

Now to play devil's advocate, I used to be a horribly irresponsible checking account user between ages 18 and 20. Just sort of did a ball park figure guess of what my bank account would be at the time. Ball park might not be the appropriate term. Lets go for small municipality. I would figure that I had about $120 in there, actually had $5. Needless to say I went over the limit a lot. I probably spent over $500 just in overdraft fees. I remember going over the limit and my account having a -$200 balance. Let's break that down:

Balance:   $5 dollars
Clothes at the mall: $90, $30 overdraft fee, Balance: -$115

Movie tickets for two: $15, $30 overdraft fee, Balance: -$160

Drinks and popcorn: $10, $30 overdraft fee, Balance: -$200

Well they kinda were forced (by their system at the time) to extend me credit once I went over the limit to cover the purchases I had already made. I mean they did pay for the purchases even though I didn't have the money (don't know if it still works this way). So from my personal experience I can see them needing to know my credit worthiness before offering me an account.

Of course nowadays if I think there's $120 in there, I check an ATM, the webpage, I text my account (Chase rulez!), and/or I call the phone number. If there is less than $118.50, I flip out!

[fused]

I don't agree! If this happened to me I would dispute it with the CRAs. If one needs to be properly identified because of the PA, credit reports are not an accurate source. We all know how much info on a report can be false. A passport or other form of ID would suffice.

[Anonymous]

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fused wrote:

I don't agree! If this happened to me I would dispute it with the CRAs. If one needs to be properly identified because of the PA, credit reports are not an accurate source. We all know how much info on a report can be false. A passport or other form of ID would suffice.

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if i went through the trouble of stealing an identiy and getting all the hard docs (id, ss card, etc) to present to a bank or whoever, how would pulling my credit be a more in depth way to id me? i have never had to answer the verification questions when i presented an id.

i agree as well!

Message Edited by dnm45227 on 12-24-2007 01:03 AM

[Anonymous]

Man! The ink didn't even dry on my last post...

Quite the quick reply.

Can we all agree the PA is bull-ish anyway.

Message Edited by berraco58 on 12-23-2007 10:05 PM

[Anonymous]

I have and know my FBI file number -

I still get hards when I open an accountt- with my DL, Military ID and a Passport. I Toss my CCW in there as well.

The (*__)*(&&&(^%& sustem is automated this way- when I opened my last account they told me it would be a soft- they were wrong.

The CU has extended me 60K worth of credit after I opened my account or I would be upset.

[Anonymous]

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fused wrote:

I don't agree! If this happened to me I would dispute it with the CRAs. If one needs to be properly identified because of the PA, credit reports are not an accurate source. We all know how much info on a report can be false. A passport or other form of ID would suffice.

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Thisis not just for identificaton.  As I said before think of money laundering.  Banks take a risk anytime they open an account for you. Aisde from the obvious included overdraft protection take a look at the courtesy overdraft protection.  My bank has a 3k courtesy overdraft line of protection on my account (as if I would ever use it) basically that means that I can overdraw up to 3 k without having money anywhere or a line of credit.

They re looking for judgements and the likethat would fall off of Chex Systems within the 5 year period for overdrafts as well.  Regardless of how me manage our checking accounts banks deal with all types of people and they don't know us from Adam's housecat.

[Anonymous]

Brammy wrote:

... they don't know us from Adam's housecat.

?? That's a new saying for me. Who's Adam? I thought Adam and Eve but, did he have a house cat? A house?

[Anonymous]

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berraco58 wrote:

Brammy wrote:

... they don't know us from Adam's housecat.

?? That's a new saying for me. Who's Adam? I thought Adam and Eve but, did he have a house cat? A house?

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Well of course they had a cat since they had dominion overthe flocks all the beasts of the fields... but that s a WHOLE different conversation. 

As far as housing....who could ask for more?!!!!

[m_jonis]

Bank of America will do a hard pull (or so their online application states). And so does Citibank, although they do not tell you that they're doing an inquiry. Personally I fail to see the reason to do a hard pull when you're not seeking credit. Makes no sense to me why it should show up as a "seeking credit" (according to FICO) when it's a SAVINGS account.