topic Re: Why Would Wells Fargo Pull An Equifax Report To Open Checking Account? in General Credit Topics

Why Would Wells Fargo Pull An Equifax Report To Open Checking Account?

SKBirdmind — Tue, 25 Feb 2025 05:17:21 GMT

Subject says it all... Been trying to open a checking account with them recently, but both online and branch applications were denied without stating reasons. Branch banker + manager were even more clueless... Today I got a letter in the mail, citing they pulled from Equifax.

I didn't consent to it. Nor does this have anything to do with getting a credit card from them. Anyone else ran into this problem, or know a solution?

Relaying said update to my assigned "escalations team member" over the phone, once they open tomorrow morning...

Re: Why Would Wells Fargo Pull An Equifax Report To Open Checking Account?

GZG — Tue, 25 Feb 2025 09:02:00 GMT

Was the report frozen?

did you get a hard pull?

it's common for banks to soft pull credit as an identity verification method, and if it's frozen the app fails and you get declined

Re: Why Would Wells Fargo Pull An Equifax Report To Open Checking Account?

SKBirdmind — Sun, 02 Mar 2025 18:24:10 GMT

Not frozen and not a "hard" pull, from what I can see...

I thought credit scores were supposed to be for determining creditworthiness for a loan, not something simple like opening a checking account.

Re: Why Would Wells Fargo Pull An Equifax Report To Open Checking Account?

Gunnerboy — Sun, 02 Mar 2025 18:59:31 GMT

I had to consent to HP and unfreeze my Experian to open a savings at BoA.

Re: Why Would Wells Fargo Pull An Equifax Report To Open Checking Account?

FicoMike0 — Sun, 02 Mar 2025 21:33:44 GMT

I think they sometimes do a credit pull it you ask for overdraft protection, since it's credit. I always decline.

Let us know what you find out.

Ps make sure you get the sub

https://accountoffers.wellsfargo.com/welcomebonus/

Re: Why Would Wells Fargo Pull An Equifax Report To Open Checking Account?

Zoostation1 — Mon, 03 Mar 2025 03:58:33 GMT

@Gunnerboyif any institution requires a hard pull for checking or savings I'll tell them where to go. That's a hard no for me.

Re: Why Would Wells Fargo Pull An Equifax Report To Open Checking Account?

Gunnerboy — Mon, 03 Mar 2025 04:12:26 GMT

@Zoostation1 wrote:
@Gunnerboyif any institution requires a hard pull for checking or savings I'll tell them where to go. That's a hard no for me.

Ordinarily, that's my position as well. However, since I have PoA for my elderly mother and her BoA lifesavings, it was necessary by whatever means to join.

Re: Why Would Wells Fargo Pull An Equifax Report To Open Checking Account?

coldfusion — Mon, 03 Mar 2025 12:20:15 GMT

@FicoMike0 wrote:
I think they sometimes do a credit pull it you ask for overdraft protection, since it's credit.

You're correct, although IME overdraft protection is an opt-in option presented as part of the application process where you have to select it if you want it.

Re: Why Would Wells Fargo Pull An Equifax Report To Open Checking Account?

SKBirdmind — Wed, 05 Mar 2025 20:05:51 GMT

Looks like no "hard" pull, but will confirm once I review a proper credit report.

@FicoMike0 wrote:
since it's credit.

No it's not! Besides, no one ever at any point asked me anything even closely resembling questions about overdraft protection...

@Zoostation1 wrote:
if any institution requires a hard pull for checking or savings I'll tell them where to go. That's a hard no for me.

Yeah... My signature isn't current - but I've opened 3 (which isn't 2, nor is it 1) x different checking accounts within the last year. They didn't base off credit reports, nor feel qualified to use that kind of information to make hideous judgements about an individual's character.

Re: Why Would Wells Fargo Pull An Equifax Report To Open Checking Account?

FicoMike0 — Fri, 07 Mar 2025 02:40:45 GMT

I've opened a lot of accounts recently, ( I'm sub crazy!) Including wells. If I don't see an overdraft opt in, I go back and find the hidden opt out. No one has pulled a hard pull, but I'm lol/12 on Chex and early warning.

one pulled envous too, I think.

Re: Why Would Wells Fargo Pull An Equifax Report To Open Checking Account?

SKBirdmind — Tue, 11 Mar 2025 03:08:31 GMT

What does "lol/12 on Chex and early warning" mean? No one at Wells Fargo said anything to me about overdraft coverage...

Re: Why Would Wells Fargo Pull An Equifax Report To Open Checking Account?

Seatac — Tue, 11 Mar 2025 07:18:11 GMT

Check and EWS are systems that track bounced checks etc...there is a refit thread pointing out that churning bank accounts to get subs is a thing and some banks frown on it.

The lol/12 is , from reddit, for something like "2 many in 12 months' .

Plausible as any other definition.