topic Re: Time In Between Opening Multiple Bank Accounts in Personal Finance

Time In Between Opening Multiple Bank Accounts

credit8502020 — Tue, 22 Dec 2020 19:14:14 GMT

Hi All,

For those of you that have multiple bank accounts and/or focus on SUBs, what would you suggest as the ideal timeframe to open new bank accounts? Max number of accounts to open at the same time?

I'm preparing to open accounts at DCU, Capital One and potentially SECU MD and PenFed. I haven't had a new account in some time and only have accounts with 2 CUs. Also are there any data points for if any of these banks, other than Capital One, somehow uses an old credit report? I want to make sure my scores are as optimal as possible, even if it's a soft pull.

Thanks in advance!

Re: Time In Between Opening Multiple Bank Accounts

AllZero — Tue, 22 Dec 2020 19:21:17 GMT

DCU will be sensitive to ChexSystems inquiries. I'm not sure on the others.

In general, 3 months interval between checking account opening is a tentative guide with CUs.

Re: Time In Between Opening Multiple Bank Accounts

Anonymous — Tue, 22 Dec 2020 19:38:31 GMT

Opened AOD CU in Apr, US Bank in Aug, PNC & BBVA in Oct, Cap 1 in Nov, Union Bank & Comerica in Dec and all were instant approvals. Have no idea if CUs do not like new accts in a short period of time.

Re: Time In Between Opening Multiple Bank Accounts

credit8502020 — Tue, 22 Dec 2020 19:50:51 GMT

@AllZero wrote:
DCU will be sensitive to ChexSystems inquiries. I'm not sure on the others.

In general, 3 months interval between checking account opening is a tentative guide with CUs.

@AllZero Thank you. Do you know if DCU credit reports that may be a few months old?

Re: Time In Between Opening Multiple Bank Accounts

credit8502020 — Tue, 22 Dec 2020 19:55:31 GMT

@Anonymous wrote:
Opened AOD CU in Apr, US Bank in Aug, PNC & BBVA in Oct, Cap 1 in Nov, Union Bank & Comerica in Dec and all were instant approvals. Have no idea if CUs do not like new accts in a short period of time.

@Anonymous Thank you

Re: Time In Between Opening Multiple Bank Accounts

AllZero — Tue, 22 Dec 2020 20:30:46 GMT

@credit8502020 wrote:
@AllZero wrote:
DCU will be sensitive to ChexSystems inquiries. I'm not sure on the others.

In general, 3 months interval between checking account opening is a tentative guide with CUs.
@AllZero Thank you. Do you know if DCU credit reports that may be a few months old?

Can you clarify your question?

DCU will probably SP your EQ5 credit report too at time of membership application.

Re: Time In Between Opening Multiple Bank Accounts

credit8502020 — Tue, 22 Dec 2020 20:48:25 GMT

@AllZero wrote:
@credit8502020 wrote:
@AllZero wrote:
DCU will be sensitive to ChexSystems inquiries. I'm not sure on the others.

In general, 3 months interval between checking account opening is a tentative guide with CUs.
@AllZero Thank you. Do you know if DCU credit reports that may be a few months old?
Can you clarify your question?

DCU will probably SP your EQ5 credit report too at time of membership application.

@AllZero Sure. Capital One used an old credit report when I applied for a CLI. I was wondering if somehow other banks also use old credit reports when applying for credit cards, memberships, etc or if they were only able to do so because I had a credit card already with them.

I had a charge off removed this month from my Equifax report and just want to make sure it was not going to show up with DCU or other banks that use Equifax that I may be interested in. To help ensure this, I planned to wait to apply for memebership with DCU until January, but did not want to wait if it was unnecessary for me to do so.

Re: Time In Between Opening Multiple Bank Accounts

AllZero — Tue, 22 Dec 2020 20:55:51 GMT

Since you will have no prior relationship with DCU in regards to credit or membership, no, DCU will not have that information.

DCU should SP a fresh report at time of membership. They will probably HP a fresh report for credit application.

Re: Time In Between Opening Multiple Bank Accounts

credit8502020 — Tue, 22 Dec 2020 21:23:18 GMT

@AllZero wrote:
Since you will have no prior relationship with DCU in regards to credit or membership, no, DCU will not have that information.

DCU should SP a fresh report at time of membership. They will probably HP a fresh report for credit application.

@AllZero Ok. Thank you!

Re: Time In Between Opening Multiple Bank Accounts

DaveInAZ — Tue, 22 Dec 2020 22:33:17 GMT

@credit8502020 wrote:
Hi All,

For those of you that have multiple bank accounts and/or focus on SUBs, what would you suggest as the ideal timeframe to open new bank accounts? Max number of accounts to open at the same time?

I'm preparing to open accounts at DCU, Capital One and potentially SECU MD and PenFed. I haven't had a new account in some time and only have accounts with 2 CUs. Also are there any data points for if any of these banks, other than Capital One, somehow uses an old credit report? I want to make sure my scores are as optimal as possible, even if it's a soft pull.

Thanks in advance!

There are two different services banks/CUs use to check your banking history, Chex Systems and EWS (Early Warning System). Of those you mentioned I know DCU uses Chex, Capital One uses EWS, and I don't think Penfed uses either, I've never seen anything from Penfed on either report and I've been a member since 2017. I don't know anything about SECU MD, but most credit unions use Chex. So if you open an account with a bank that uses EWS and then open another account with a bank that uses Chex neither will know about the other new account. Very useful when you regularly do bank account SUBs, I opened 11 new account this year and never denied.

If a bank SPs your credit report to open an account it's primary to confirm you identity, your report report will confirm you Soc.Sec.#, DoB and mailing address. If you have a very recent collection or BK on your report that might get their attention and deny you. And if you have no current relationship with them it will always be a fresh SP, they don't store credit reports from folks who aren't a customer.

Re: Time In Between Opening Multiple Bank Accounts

credit8502020 — Tue, 22 Dec 2020 23:17:54 GMT

@DaveInAZ wrote:
@credit8502020 wrote:
Hi All,

For those of you that have multiple bank accounts and/or focus on SUBs, what would you suggest as the ideal timeframe to open new bank accounts? Max number of accounts to open at the same time?

I'm preparing to open accounts at DCU, Capital One and potentially SECU MD and PenFed. I haven't had a new account in some time and only have accounts with 2 CUs. Also are there any data points for if any of these banks, other than Capital One, somehow uses an old credit report? I want to make sure my scores are as optimal as possible, even if it's a soft pull.

Thanks in advance!
There are two different services banks/CUs use to check your banking history, Chex Systems and EWS (Early Warning System). Of those you mentioned I know DCU uses Chex, Capital One uses EWS, and I don't think Penfed uses either, I've never seen anything from Penfed on either report and I've been a member since 2017. I don't know anything about SECU MD, but most credit unions use Chex. So if you open an account with a bank that uses EWS and then open another account with a bank that uses Chex neither will know about the other new account. Very useful when you regularly do bank account SUBs, I opened 11 new account this year and never denied.

If a bank SPs your credit report to open an account it's primary to confirm you identity, your report report will confirm you Soc.Sec.#, DoB and mailing address. If you have a very recent collection or BK on your report that might get their attention and deny you. And if you have no current relationship with them it will always be a fresh SP, they don't store credit reports from folks who aren't a customer.

@DaveInAZ Thank you for your feedback. This actually reminds me of how to plan even better according to whether Chex Systems or EWS is used.

Re: Time In Between Opening Multiple Bank Accounts

Anonymous — Tue, 22 Dec 2020 23:23:37 GMT

Someone said SECU MD is slightly Chex sensitive IIRC, a bit more picky to people out of their region

Re: Time In Between Opening Multiple Bank Accounts

credit8502020 — Tue, 22 Dec 2020 23:29:33 GMT

@Anonymous wrote:
Someone said SECU MD is slightly Chex sensitive IIRC, a bit more picky to people out of their region

@Anonymous Ok. Thank you for mentioning that. I'll keep that in mind.

Re: Time In Between Opening Multiple Bank Accounts

lyTENciL — Wed, 23 Dec 2020 06:38:44 GMT

Doctor of Credit tracks DPs on which banks and CUs pull Chex/EWS and which are sensitive to inqs.

https://www.doctorofcredit.com/bank-account-reference-pages/#ChexSystems

Re: Time In Between Opening Multiple Bank Accounts

credit8502020 — Wed, 23 Dec 2020 17:59:11 GMT

@lyTENciL wrote:
Doctor of Credit tracks DPs on which banks and CUs pull Chex/EWS and which are sensitive to inqs.

https://www.doctorofcredit.com/bank-account-reference-pages/#ChexSystems

Thank you! @lyTENciL

Re: Time In Between Opening Multiple Bank Accounts

lyTENciL — Thu, 24 Dec 2020 01:02:31 GMT

No problem! I'm new to bank bonus chasing and DoC has been my bible. Generally it's the smaller CUs that might care about lots of accounts though I think that's a minority, and the big banks don't seem to care, if they even check.

My dp: Now up to 8/12 and 7/1 for checking, 15/12 total if they care about savings (I doubt they do but idk). So far no issues, but I did app for the reportedly Chex/EWS sensitive ones relatively early, when I was 3/12 for instance.

Re: Time In Between Opening Multiple Bank Accounts

credit8502020 — Sun, 27 Dec 2020 02:57:56 GMT

@lyTENciL wrote:
No problem! I'm new to bank bonus chasing and DoC has been my bible. Generally it's the smaller CUs that might care about lots of accounts though I think that's a minority, and the big banks don't seem to care, if they even check.

My dp: Now up to 8/12 and 7/1 for checking, 15/12 total if they care about savings (I doubt they do but idk). So far no issues, but I did app for the reportedly Chex/EWS sensitive ones relatively early, when I was 3/12 for instance.

@lyTENciL Thank you for sharing. What do the following numbers represent? 8/12, 7/1, 15/12. Which sensitive ones did you App for and what was your time frame for apping for those?

Re: Time In Between Opening Multiple Bank Accounts

lyTENciL — Sun, 27 Dec 2020 04:17:19 GMT

@credit8502020 wrote:
What do the following numbers represent? 8/12, 7/1, 15/12. Which sensitive ones did you App for and what was your time frame for apping for those?

Those are shorthand for [# of accts]/[months' timeframe]. I opened 8 checking accts this year, 7 just this December.

I started my spree this month with a local CU and PNC, because they are reportedly sensitive to inquiries. I apped for DCU this summer, and they did inquire my Chex, are reportedly sensitive. Btw, Doctor of Credit's sensitive designation seems anything above zero caring and YMMV. i.e. people say they get denials for dozens of new accts in a year, and that gets marked as "sensitive." Others get denied for a just a few new accts (or inqs?) by some institutions, so as always, spree at your own risk.

My timeline (2020):

Feb: NFCU

July: DCU, NASA, Langley -all in same week

12/6: geofenced CU, US Bank

12/8: PNC, Cap One

12/18: geofenced bank

12/19: Citi, geofenced CU

Edited to redact some details

Re: Time In Between Opening Multiple Bank Accounts

credit8502020 — Mon, 04 Jan 2021 20:07:27 GMT

@lyTENciL wrote:
@credit8502020 wrote:
What do the following numbers represent? 8/12, 7/1, 15/12. Which sensitive ones did you App for and what was your time frame for apping for those?
Those are shorthand for [# of accts]/[months' timeframe]. I opened 8 checking accts this year, 7 just this December.

I started my spree this month with a local CU and PNC, because they are reportedly sensitive to inquiries. I apped for DCU this summer, and they did inquire my Chex, are reportedly sensitive. Btw, Doctor of Credit's sensitive designation seems anything above zero caring and YMMV. i.e. people say they get denials for dozens of new accts in a year, and that gets marked as "sensitive." Others get denied for a just a few new accts (or inqs?) by some institutions, so as always, spree at your own risk.

My timeline (2020):
Feb: NFCU
July: DCU, NASA, Langley -all in same week
12/6: geofenced CU, US Bank
12/8: PNC, Cap One
12/18: geofenced bank
12/19: Citi, geofenced CU

Edited to redact some details

Happy New Year All!

@lyTENciL Thank you for sharing your feedback. I apped for DCU and SECU MD (Savings Accts). My DCU savings account is setup and funded. To make transferring more funds easier, I'm going to probably setup a checking account at DCU as well. Does anyone know if setting up a checking account at the same institution will typically cause another ChexSystems inquiry and be seen as negative? I'm planning to open other accounts after the freeze is removed, possible in 3 months or so, so I didn't want to negatively impact my chances of approval there.

On another note, my SECU app was declined. The email mentioned that my ChexSystems score was 9995, although scores range from 100-899...But it looks like the reason they declined my membership is because there is a THIRD-PARTY SECURITY FRZ ALERT on my account. I ordered my ChexSystems report. Hopefully it will list when this security freeze was placed on my account since I don't recall putting the freeze on. However, I find it interesting that DCU approved me and SECU did not. Has anyone experienced something similar to this?

Re: Time In Between Opening Multiple Bank Accounts

credit8502020 — Tue, 05 Jan 2021 04:33:44 GMT

UPDATE: I spoke with ChexSystems and apparently they did not see a security freeze so I'm not sure exactly where the third party security freeze is coming from. I ordered my report that will hopefully arrive soon.