Bank of America Student Checking + Hard Inquiry?

[Anonymous]

I'm trying to open a fee-free bank account at a nearby location where I can deposit cash and have it sent to another bank electronically (via bill pay or bank transfer) for free.

I don't want the bank to pull my credit (hard inquiry) since I'm trying to maximize my score until I take out student loans. I have 750+ credit, and I want to keep it that way.

The banks closest to me are Bank of America, HSBC, Fremont Bank, and Wells Fargo. 

Is anyone aware of any checking accounts from any of these banks that does not do a hard inquiry (only a soft, or a chexsystems)? I do not mind opening up a student account. No credit cards needed or any other special features/accounts.

Thanks!

[JagerBombs89]

Whichever you choose, be sure that the bank does not close your account for transferring the money over!  When I was with chase, i used to deposit cash into my account, and then transfer it over to my USAA bank account.  The 2nd time I did it, they closed out my checking account for having a $0 balance!  I will never use them again, especially since they charged me $20 to have a debit card just to turn around and close my account

[trumpet-205]

I'll say go with Wells Fargo instead of BoA. While neither bank is promising, Wells Fargo fee structure is more friendly than BoA. Do be aware that Wells Fargo charges a fee for transfering money to another bank/credit union.

If I were you, I'll go with online banking or credit union.

From my experience, all banks do inq in additional to ChexSystems. They told me it is due to Patriot Act where banks are require to verify your identity.

Edited - Not hard inq, soft inq. My bad

[Anonymous]

Thanks for the HU regarding account closure! I'll be sure to leave a dollar or so in the account so I won't need to worry about them closing the account.

[Anonymous]

I don't mind soft inquiries, but how can I confirm that the Wells Fargo does only soft inquiries? This site (and others that reference it) don't specifically give an accurate answer whether or not college checking accounts do or do not get hit with hard inquiries :/ 

[RobertEG]

You wont get a specific answer to that question because there is none.

Whether credit inquiries report a code that FICO scores or does not score (and thus what is referred to as a "hard" or "soft" inquiry) is totally unregulated under the FCRA.  The terms hard or soft inquiry are not even mentioned in the FCRA,  It is dependent upon the discretionary reporting code used by the inquiree.

[Anonymous]

I see. Thanks for that info. What do you recommend I do in terms of banks? Where am I least likely to get hit with a hard inquiry?

[RobertEG]

Ask them in advance if they will be using a so-called "hard" or "soft" credit inquiry code.

[llecs]

IME, BofA does a hard inquiry. In fact, they'll do a hard inquiry for both checking and savings, assuming you don't open them at the same time.

[Anonymous]

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@llecs wrote:

IME, BofA does a hard inquiry. In fact, they'll do a hard inquiry for both checking and savings, assuming you don't open them at the same time.

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+1

This has been my experience as well.