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What constitutes a relationship with a bank?

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Frequent Contributor

What constitutes a relationship with a bank?

US Bank is one of several banks that apparently like to issue credit cards to people with whom they have a "banking relationship".  How would other forum members define that?  Does it mean I just opened a checking account, or I have actively had a checking account with them for 25 years?  I'm not willing to move my whole banking portfolio, such as it is, to chase a credit card, but I wouldn't be opposed to throwing some business their way...if I like them I might switch eventually.

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Valued Contributor

Re: What constitutes a relationship with a bank?

I've heard a wide range depending on the bank. I've read everything on here from "they just want a savings account" to "bank relationship scores that take checking account activity, etc. into account". What bank(s) are you looking to get in with?


TU FICO 8: 741 (7/19) — Ex FICO 8: 739 (7/19) — Opinions are my own and not the views of my employer
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Re: What constitutes a relationship with a bank?

Basically yeah, only if it doesn't cost you. I open accounts with banks and CUs all the time. Just to have that easy way in for another product. Whether now or later. I've nearly lost count, think I'm at 16 or 17 institutions now. I shoot 5 to 25 dollars to them on auto draft in order to keep the beneficial ones active that I may not have an active loan or CC with at the moment.
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Valued Contributor

Re: What constitutes a relationship with a bank?

+1
Such a wide, vague hard to nail down definition

How much of a relationship is required before two ppl get married....= All over the place will NEVER get a reliable answer to pin down, because let's say the client feels the 'relationship' is serious enough to take it to the next level but the bank acknowledges a relationship exist but it's not THAT serious yet.

Equals crapshoot...it is what it is I maintain a little scratch at several institutions for good measure but whom you spend most of your quality time is likely your 'common love' all others = "it's complicated"😜
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Re: What constitutes a relationship with a bank?

MoneySmiley Wink
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Frequent Contributor

Re: What constitutes a relationship with a bank?


@cincydavid wrote:

US Bank is one of several banks that apparently like to issue credit cards to people with whom they have a "banking relationship".  How would other forum members define that?  Does it mean I just opened a checking account, or I have actively had a checking account with them for 25 years?  I'm not willing to move my whole banking portfolio, such as it is, to chase a credit card, but I wouldn't be opposed to throwing some business their way...if I like them I might switch eventually.


I would say 2 - 3 accounts, especially one with direct deposit.  I'm a USB customer (15 yrs), two checking, small ploc, five cc's, so I'm that "relationship" guy.  I have the nominal accounts with Alliant and Penfed; decent cc's with each.  Both  are sending me e-mail solicitations for more business.  Getting ready to open checking with BOA, who is my biggest cc provider at 76k.  I want that "relationship" with them, too.  I get solicited for loans and ploc's on occasion.  Consumers CU called me about a car loan (I was surprised, after they denied me a cc), which I took.  I think there are certain banks/cu's that are pursuing more business than others, so, why not take advantage of those offers and build a relationship?

Am Ex | BOA | Chase | Citi | Disc | PenFed | USB | 390K Club
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Valued Contributor

Re: What constitutes a relationship with a bank?

Relationships Sma-lationships to a certain degree...of course the institution wants MORE of one's business... it's called getting more paying business.

Not trying to be a buzz kill but the institutions will not do anything that jeopardizes their business stability and if they can SuperSize a customer to sale more fries and a bigger soda by using the term 'relationship' don't get overly confused by the sentiment...

My Freshman Biology teacher over 30 years ago used to tell us guys ( all boy H/S) that LOVE was paying the gas bill, the lights, food etc
Stop being able pay that stuff THEN you'll see what kind of 'relationship' ( puppy love ) you're in

His point was don't have your head in the clouds banks the relationships are about the 💰... 

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Frequent Contributor

Re: What constitutes a relationship with a bank?

Thanks for the feedback...I specifically just want a US Bank CC, would prefer NSA (no strings attached) as opposed to doing any actual banking with them, but my scores hover around 690-710 depending on reported util % on any given day and I don't think I'll get in the door cold-apping them.

 

At least my local CU was open about what they want...put $5 in a savings account and they're content with that. 

 

 

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Re: What constitutes a relationship with a bank?

CUs seem to have weird requirements for memberships, and very, very easy ways to satisfy them (Want to join NASA FCU and don't work at NASA? Donations!). I'm guessing what it means in the context of USB is assets and deposit history.

 

 Related: I applied and was approved for an Elan card through my local bank with virtually no credit history but a longtime relationship with that bank and a lot of savings there. From what I read here after applying, USB and Elan (which is a subsidiary) are not exactly easy to get, so I didn't have high hopes. But their website says this:


"Elan provides a dedicated underwriting team that develops relationships with frontline branch employees
while helping to meet cardmembers’ credit needs. Elan utilizes relationship information when reviewing
applicants, ensuring that we consider the length and value of the customer's relationship with your
financial institution."

 

I don't know about USB as a parent company, but apparently Elan hand-reviews everything instead of instant approval/denial, so they can take the time and look at these things and give you an edge when you'd be declined otherwise. I've heard of Chase recons being more sympathetic if you've had a checking account with them for a period of time.

 

So I think you might have slim chances there without already being their customer. Why not stop by in person and ask about opening checking and credit accounts simultaneously?






FICO: 757 EX. Cards: Disco IT $2200; WaFed Amex Cash $2500; BCE $18,000 Amex Plat NPSL


For everything else, there's Debit MasterCard.
Message 9 of 10
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Valued Contributor

Re: What constitutes a relationship with a bank?

Oh it's a US Bank CC you want...not into Fort Knox?😊

Seriously, based upon the limited information of a near 700 credit score, there isn't enough to say WARNING that's way too low

With a decent enough otherwise profile 700 or so will garner many approvals...again not knowing what ELSE you may have that may be unattractive the score is 'ok' ...it doesn't scream DENIAL

Also, understand that US Bank does offer a secured CC as a back door into the institution ( I hear good things about the Harley Davidson branded card in particular, as for unsecuring vs the regular US bank product or other branded products) so push to shove your RELATIONSHIP could start with slapping as little as $300 in savings to secure a CC = relationship off and running locations

Who knows wedding bells may be a' jinglin' with 8-10 months of relationship/history 😎
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