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BofA hard pull for opening checking account

OTF
Valued Member

BofA hard pull for opening checking account

I open a new checking account with Bank of America in March and checked my credit report a few days ago and saw a hard pull. I have never had a hard pull for opening a checking account in the past. I opened a Wamu/Chase account last November without a hrad pull. I opened new accounts b/c my old accounts are regional banks and living in a new city I don't want to be paying ATM fees, etc... B of A and Chase are the 2 closest branches and they have plenty of ATM's in Chicago.

 

Will this hard pull seem like a denied credit in my FICO since checking acounts obviously aren't shown on your credit report?

 

I'm afraid this will look like an inquiry without a new account being opened and seem like a denial. If I knew itthis was a hard pull then I would have applied for a CC too at the same time.

Message 1 of 17
16 REPLIES 16
HappyDays
Moderator Emeritus

Re: BofA hard pull for opening checking account

Many banks will do a hard pull. It will show as an ing. but it will not hurt you just because there will not be a new TL reporting.

Message 2 of 17
lisac
Regular Contributor

Re: BofA hard pull for opening checking account

i opened a BOA savings and checking account last month and got 2 hard inquiries
Message 3 of 17
UpUpUp
Valued Contributor

Re: BofA hard pull for opening checking account

I know a lot of banks will do this, namely credit unions, but this is the first I've heard BofA doing it. I have accounts with them and mine didn't cost a hard. That was a few years ago though.
Message 4 of 17
Buckzball
Established Member

Re: BofA hard pull for opening checking account

Just a question, is it common that checking an saving accounts are not shown in any credit report?
Message 5 of 17
nothingman02
Valued Contributor

Re: BofA hard pull for opening checking account

Thats right.They do not.
Message 6 of 17
FicoHound007
New Contributor

Re: BofA hard pull for opening checking account

I also had a hard inq for my BofA account. I opened mine online. Did you do the same? That might be the reason,  if that's the case then I will start opening my accounts in the actual banks.
Message 7 of 17
nothingman02
Valued Contributor

Re: BofA hard pull for opening checking account

I believe Banks claim PP because of written authorization 604 (a)(2) to avoid any hassles. Or they could go ahead and claim PP under business transaction 604a3Fi and credit transaction 604a3A correspondingly for savings and checking a/cs. One way or the other, its gonna cost one hard pull usually with most banks. I dont understand how some banks do a soft inquiry for checking or savings a/cs but I suppose thats absolutely fine.
Message 8 of 17
afewcrowns
Valued Member

Re: BofA hard pull for opening checking account

Wachovio a does hard pull also. This is part of Homeland Security laws now. They want to make sure you are who you say you are was my understanding.

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Message 9 of 17
nothingman02
Valued Contributor

Re: BofA hard pull for opening checking account

I still dont believe that security/identity verification provides PP to banks. The patriot act's introduction amended the FCRA to provide PP to the govt officials but not to Banks.
Message 10 of 17
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