Wells Fargo "hard" inquiry for opening accounts - consent required???

[Anonymous]

I recently opened a savings account with Wells Fargo. I have had a checking account and credit card with them for over five years. After I opened the account I noticed that there was a "hard" inquiry done by Wells Fargo. A hard inquiry means you authorized a company to request a copy of your credit report. At no point did I authorize the banker to do this, and no mention of it was made. After reading the account documentation that is provided AFTER the account is opened I see that by opening an account you do authorize Wells Fargo to obtain a credit report. Are banks not required to inform you that they are obtaining a credit report BEFORE they do it? Anyone have any insight into this? Thank you.

[girlie]

i recently had this difficulty with Wells as well.  i was really mad because i already had existing accounts with them.  i wrote to the cra and told them that i already had existing accounts with this bank and i did not authorize them to run my credit.  and further that i was not obtaining credit, it was for a secondary checking account.  my suggestion is to write a dispute letter stating the above reasons why it should be deleted and they should delete.  just curious, but did they pull all three reports or just one?

good luck.

[Anonymous]

I believe this is now standard practice when opening new accounts.  A few months ago I opened a new account with BOA. I have had other accounts with them for 15 years. This new account resulted in two hard inquiries on two consecutive days.

[ah32]

Most employees do ask for consent.  In my opinion, unless you're applying for credit seeking purposes, they should not apply a hard pull of your credit.  They pull your credit if you're opening a checking acct, savings acct, new debit card, and cd.  I would dispute in writing that it was not for credit seeking purposes.  Let us know how it goes.  Banks are now checking your credit to see if you have any outstanding checks you have not paid in your report.  I don't see why reporting agencies don't separate those types of inquiries.

[Anonymous]

I am actually an employee of Wells Fargo. I wanted to get an unbiased opinion on this subject. I have been an employee for about 2 years now and until I actually opened another account myself did I realize that they pulled a full credit report. We are not trained to disclose that fact other than to give the customer the appropriate disclosures after opening a new account. I brought this issue up among management and was actually told straight out that it was not a hard pull. I even had to point out to our district training consultant that it was a hard pull. They all thought it was a "soft pull." I have not met a single banker yet that discloses this to their customers prior to opening an account. I pretty sure that no laws are being broken or anything but **bleep**! People need to know this.

[Anonymous]

I've read that requiring hard inquiries for bank accounts might be a side effect of heightened post-9/11 security measures, presumably to make it easier to spot persons who are opening a suspicious number or mix of accounts. Don't know whether that's actually true or not.

I agree that it should be disclosed by the bank prior to offering the application.

[BallBounces]

Odd to bump such an old post, but I can confirm that opening a savings account with WF still results in a HARD PULL, even if you are a very long time customer, and funding the account from another WF account.

I am going to see if they will reverse or change it to a soft.

[Anonymous]

My CU did exactly the same thing-hard pull with no  consent for opening a savings account! they said the disclosure included the  info on credit pull.  I complained that I was not given this info nor my consent and did not receive the disclosure packet until after the account was opened.  they refuse to take it off per the phone conversations Ihad.  I may send a letter but Im too afraid to stir a hornets nest...needless to say, I  use only the savings account and will not openany new accounts with them, even though I get offers constantly

[dragnldy]

    Perhaps it may be a side effect of 9/11, but they should disclose it.  In my opinion, Wells Fargo thinks it's above anyone's rules but their own.  I just closed my account with them after almost 20 years because I was tired of the way they treat their customers, especially ones that have been with them as long as I was.  I opened a new account at another bank, and their requirement was not to pull a CR, but to check through something called ChexSystems.

[Anonymous]

If you are not applying for credit...they can not do a hard pull without your permission....employement and ins...also!!!!!

Many think that they have the right because they need to check for ID....they are wrong......mail a NON PP letter  and complain to the FTC! I would also complain to the FDIC