topic Re: BofA MyAccess Checking in Credit Cards

BofA MyAccess Checking

jmbfl — Sun, 03 Aug 2008 05:16:44 GMT

I have an offer for a $75 premium to open a MyAccess checking account with BofA which shows up under offers when I login. I have a CC with BofA. If I open the checking account are they going to hard me again or will I be OK since I already am "real", have credit and am not applying for more credit.

Re: BofA MyAccess Checking

Anonymous — Sun, 03 Aug 2008 09:08:09 GMT

you'll most likely get another hard.

Re: BofA MyAccess Checking

dallas01 — Sun, 03 Aug 2008 11:19:39 GMT

I just opened that account and they pulled a hard on TU and Experian softpull. I applied for a cc and they pulled a hard on experian. I was offered the secured and accepted that one. They did another hard on Experian. So for a Bank Account and CC I've got 3 hards and a soft for BOA.

Re: BofA MyAccess Checking

CreditDrama85 — Sun, 03 Aug 2008 13:15:43 GMT

it is not worth it IMHO. i opened a B of A MyAccess checking because i intended on applying for one of their credit cards in the future. it has been the worst experience ever.

whenever i depost anyting over $100.00, a 1 week hold is put on the account no matter what.

as you can imagine, i never use the account and should probably just close it. I have 2 other bank accounts where the funds are available the next day as long as the deposit is under $5,000.00

Re: BofA MyAccess Checking

wmarat — Sun, 03 Aug 2008 14:49:33 GMT

They most likely will hard you.

If you need checking and do not want to be harded, open Agricultural FCU, as far as I know they soft your EQ for membership and non credit products.

Re: BofA MyAccess Checking

stefanc — Sun, 03 Aug 2008 15:27:39 GMT

I opened one a few weeks ago, I called and additionally talked with someone online to make sure it would not be a hard. They all said it would be a soft.

Filled out everything online - account opened within 3 days without a hard -- soft pull only!

YMMV

Re: BofA MyAccess Checking

Anonymous — Sun, 03 Aug 2008 15:37:01 GMT

stefanc wrote:
I opened one a few weeks ago, I called and additionally talked with someone online to make sure it would not be a hard. They all said it would be a soft.

Filled out everything online - account opened within 3 days without a hard -- soft pull only!

YMMV

I'm glad it worked out for you, but never, ever believe a CSR when they say it will only be a soft pull. Nine times out of ten they have no idea what they are talking about, and probably don't even know the difference.

Re: BofA MyAccess Checking

dallas01 — Sun, 03 Aug 2008 16:36:47 GMT

BOA is a very good bank IMO, even with a hard pull. Every bank will hold your deposit if they don't know you. Thats why I use more than 1 bank. I just take cash out from one and then deposit cash, no hold. I forgot where I read it but, it says don't close out your bank account when you get another one. Wait until your bank gets to know you. BOA offers free transfers!

Re: BofA MyAccess Checking

stefanc — Sun, 03 Aug 2008 17:04:40 GMT

@Anonymous wrote:

@stefanc wrote:
I opened one a few weeks ago, I called and additionally talked with someone online to make sure it would not be a hard. They all said it would be a soft.

Filled out everything online - account opened within 3 days without a hard -- soft pull only!

YMMV

I'm glad it worked out for you, but never, ever believe a CSR when they say it will only be a soft pull. Nine times out of ten they have no idea what they are talking about, and probably don't even know the difference.

Yup I agree Cheddar.

But so far with BofA I have had pretty good luck (if I've been told it would be soft only) calling back and having them re-code a hard to a soft. Before pulling the trigger, I'll call multiple times, get names, bump it up to a supervisor etc.

Twice I've had a hard recoded without much problem, explaining my "paper" trail of calls and names.

Again big -- YMMV

Re: BofA MyAccess Checking

Anonymous — Sun, 03 Aug 2008 22:14:43 GMT

they can't hard your for a checking account unless there is a ODLOC connected, they soft you report to verify you idenity based on the info in the report

Re: BofA MyAccess Checking

Anonymous — Sun, 03 Aug 2008 22:28:27 GMT

rbbyrbsn wrote:

they can't hard your for a checking account unless there is a ODLOC connected, they soft you report to verify you idenity based on the info in the report

Unfortunately, this isn't true. A checking account provides sufficient PP for a hard inquiry.

Re: BofA MyAccess Checking

CreditDrama85 — Mon, 04 Aug 2008 00:53:45 GMT

it has nothing to do with whether or not the bank knows you, B of A just sucks. they hold all deposits and are not a real bank IMHO

Re: BofA MyAccess Checking

Anonymous — Mon, 04 Aug 2008 01:16:57 GMT

it's not a credit product

Re: BofA MyAccess Checking

Anonymous — Mon, 04 Aug 2008 01:19:42 GMT

rbbyrbsn wrote:

it's not a credit product

Doesn't matter. They still have PP.

It's a common misconception that you have to be applying for credit in order for anyone to have PP for a hard inquiry. It's just not true.

Re: BofA MyAccess Checking

Scamp — Mon, 04 Aug 2008 01:45:28 GMT

CreditDrama85 wrote:
they hold all deposits

Erm...not true.

New customers ARE subject to random, up-to-a-week holds on their deposits over $100.00, but that 'newness' ends at 90 days, and after 60 days, they aren't supposed to sit on funds from local-bank checks longer than two days. Even then, if you deposit in person, they can tell you if you're deposit is getting nailed with a hold and ask them to get the funds released the next day.

Possibly high-amount check deposits and/or personal-account checks are subject to more holds and issues, but it's simply not correct to state flatly that they 'hold all deposits'.

If you are having something like a locally-drawn paycheck held for a week every single time, you need to go into your local branch and talk to somebody to straighten it out.

Re: BofA MyAccess Checking

Anonymous — Mon, 04 Aug 2008 06:54:36 GMT

Just to add my .02

I have a BOA checking account that I opened in 3/08 (Myaccess checking). I then had direct deposit not too long after. When I switch direct deposit, I had to cash my check the "ghetto" way by going to the check cashing place and eat the 3% (wasn't going to wait 10-11 days for what was my rent check). That was my only inconvenience. When DD took effect the next pay, I have never had to wait more than 1 business day for a check to clear. I deposited a 1100 check about 2 months later from a client that cleared the next day. I would have gone to the bank that it's drawn from first.

BOA has always been good with whatever I asked. A creditor had cashed my bill pay check 1 day early and it caused my account to overdraft. When I called BOA, they saw how it overdrafted and saw the date of the Online Bill Pay check. Was credited the $25. I have nothing but good things to say about BOA. I have their secured credit card product and love the fact I can pay them same day. Their "My Portfolio" product tells me how much I'm worth and thanks to my auto loan, I'm worth negative 8k. (that's -9k...). I can keep track of all of my bills, CCs, etc and pay them straight through BOA. Plus, where I'm from there are so many BOA ATMs I have never had to pay a out-of-network fee...ever.

It's a good bank and I am very happy with them. So far. My finances have never been clearer and I would never go to a no-name bank again. I love the fact that even check deposits at the ATM clear in 1-2 business days. I don't even need to deal with a teller.

The only complaint I had....was that they did not offer starter checks. I called and complained and "as a courtesy" received the 50 starter checks that you're supposed to get when you open up an account. Even that was resolved to my satisfaction. As long as you're not a scumbag always overdrafting (and when I was younger...I used to be that scumbag), you will be treated by them fine.