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Established Contributor
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Registered: ‎09-11-2007
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Inquiry for opening a checking account?

This wonderful Patriot Act is giving the banks the license to do a hard INQ on everything, including the simple act of opening a bank account.   Why?   What is the purpose?   I actually was turned down by a bank when I tried to open a bank and had a bk on my record.
 
Can anyone share their thoughts or experiences on this?
Frequent Contributor
Posts: 388
Registered: ‎09-06-2007
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Re: Inquiry for opening a checking account?

The banks check your credit report 1) definitely because the Patriot Act states they can and 2) because it is an indicator as to whether or not you will overdraw your account. To a bank, a lower Fico indicates poor financial management and it is just another way to judge whether or not you will go in the negative and leave them holding the bag.
 
I know my bank does not do an inq. for opening a savings account, I can not speak for other banks but you may want to try that route for awhile, get a relationship established, then go from there.
 
Also you can try looking into a BK friendly credit union in your area. Posters on here always have good things to say about them.
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Registered: ‎03-12-2007
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Re: Inquiry for opening a checking account?



Boscoe wrote:
This wonderful Patriot Act is giving the banks the license to do a hard INQ on everything, including the simple act of opening a bank account.   Why?   What is the purpose?   I actually was turned down by a bank when I tried to open a bank and had a bk on my record.
 
Can anyone share their thoughts or experiences on this?


With this checking account were you also trying for overdraft protection? If no, there is no way in heck the bank had PP. Opening up a checking w/o overdraft protection is NOT an application for new credit. If anything you're loaning money to bank, maybe you should hard (inq) the bank's a$$ and determine their creditworthiness. Banks who do this really piss me off.
 
Any bank saying the PA requires them to hard you to prove your identity is also full of it. A DL or passport is suffice.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

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Registered: ‎05-17-2007
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Re: Inquiry for opening a checking account?

[ Edited ]
Smiley Sad My bank did a hard inq last year for a checking account. I disputed it. Gone. I ask now before opening accounts. Some banks do hard inqs some do soft. 1 bank 2 weeks ago said they would do a 3 CRA hard pull for savings accounts. I laughed walking out. Didn't even say good bye. If you could only see my face. lol.

Message Edited by ilovepizza on 10-15-2007 06:47 PM
If we never set higher goals we would never get as far.
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Re: Inquiry for opening a checking account?

My local BOA pulls a hard for a checking account w/o overdraft protection. I just went in to check it out I wouldn't think of opening an account under those circumstances.
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Posts: 342
Registered: ‎06-16-2007
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Re: Inquiry for opening a checking account?

Check the fine print, I know both BofA and Citibank hit hard to open up a checking account. If it's in the fine print, which it is for at least those two, then they have PP.
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Re: Inquiry for opening a checking account?



db23 wrote:
Check the fine print, I know both BofA and Citibank hit hard to open up a checking account. If it's in the fine print, which it is for at least those two, then they have PP.


Fine print or not this can be challenged, disputed or what have you. Opening a savings or checking account (w/o overdraft protection) is NOT an application for credit. The FTC section 604 clearly states under what circumstances your credit can be reviewed. The confusing part is what does reviewed mean, a soft or a hard.
 
If my bank hit me with a hard inquiry simply by opening an account and not applying for credit, I would dispute with the CRAs that the inq is not mine...I didn't apply for any new credit. Just because the bank says they're going to hard you doesn't mean they have the legal right to.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Senior Contributor
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Registered: ‎05-17-2007
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Re: Inquiry for opening a checking account?

Imagine how much business banks would loose if they advertised a sign on the new accounts desk. WE PULL HARD INQS FOR NEW SAVING AND CHECKING ACCOUNTS. Wonder how many new accounts they would open?
If we never set higher goals we would never get as far.
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Registered: ‎03-25-2007
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Re: Inquiry for opening a checking account?



ilovepizza wrote:
Imagine how much business banks would loose if they advertised a sign on the new accounts desk. WE PULL HARD INQS FOR NEW SAVING AND CHECKING ACCOUNTS. Wonder how many new accounts they would open?

I am willing to bet that about 90% of their customers would not know the difference between a hard and soft inq.  Smiley Very Happy
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Moderator Emeritus
Posts: 16,383
Registered: ‎03-12-2007
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Re: Inquiry for opening a checking account?



MidnightVoice wrote:


ilovepizza wrote:
Imagine how much business banks would loose if they advertised a sign on the new accounts desk. WE PULL HARD INQS FOR NEW SAVING AND CHECKING ACCOUNTS. Wonder how many new accounts they would open?

I am willing to bet that about 90% of their customers would not know the difference between a hard and soft inq.  Smiley Very Happy


Very true!
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
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