Bank shopping? InQ?

[Anonymous]

SO, lets say I wanted to open a new checking account, will the bank always do a hard pull? Is it possible that one could open checking with a soft pull? WHat about for a savings account? will they even do an INQ to open a savings account? Im a little high on Inq. I really want to hold off on apping for anything until Nov. of 08.

[CreditBob]

There are some banks or credit unions that will pull a credit report when you open a savings or a checking account. Usually that's to verify you. They do a check on "check rite" to see if you have ever bounces any checks or had any problems with a checking account. You should have no problems.

[marty56]

Wachovia did a hard INQ for a plain checking account on me.

[llecs]

In the past year we opened Chevy Chase Bank (regional in mid-Atlantic area), Wachovia, BofA, and Penfed and had a hard pull for all. Penfed did a hard pull for savings (share acct).

[Anonymous]

This is due to Homeland Security and the effects of insuring you are who you say you are. Wachovia did a hard pull for me also in January whn I opened accounts there. Looks like it is the new future for us>

[Anonymous]

I have a current checking with Wachovia. The did a hard pull for me too. I managed to save a bit and I am trying yo figure out what would be best to park the few dollars I have in. I remember compass doing a hard pull as well. I guess I am going to have to bite the bullet eventually. It appears that there is no way around it. I am thinking of my local CU, maybe if I can get my scores up a bit more they could give me a descent CC.

[RobertEG]

If this is a concern to you, carefully read your application for the new account.  Unless it includes an express authorization for them to do a credit pull, it is illegal for them to do a hard pull.

[fishbjc]

Charter One did a hard on dh for going on his mom's account....two actually.

[wmarat]

BOA pulled hard on me when I opened checking, but it even did not "soft" me when I latter opened saving, CD and IRA accounts.

[Anonymous]

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RobertEG wrote:

If this is a concern to you, carefully read your application for the new account.  Unless it includes an express authorization for them to do a credit pull, it is illegal for them to do a hard pull.

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Not true.  The FTC has maintained in several staff opinion letters that banks have PP to pull a hard inquiry for opening a deposit account of any kind.  They are not required to notify you in advance.