Credit Check for Savings???

Anonymous · ‎08-10-2007

I don't understand why they had to check my credit for me to be approved for a savings account. Shouldn't they be checking ChexSystems instead? I don't get it...

Anonymous · ‎08-10-2007

Was this bank of america???

They just hit me with a credit inq for opening a CD with them. Not sure at ALL why they would do it for savings. Actually I'm not sure why they would do it for a CD either since it was being funded from a savings account in their bank...

Banks are weird and do weird things. I'm not sure why they did a hard pull either. Possibly trying to pre-approve you for a credit card with their bank. Sometimes when you open an account they'll give you another offer, I got an offer for a BOA Amex Rewards card after they opened my CD I'm guessing that's why they did the pull.

Anonymous · ‎08-10-2007

I applied for a Citi savings. And I already have two citi cards. No more is all i need. lol

fused · ‎08-10-2007

I have never understood why a bank is allowed to pull credit reports when opening a savings account. Afterall, it's our money that they are borrowing. Come to think of it, why do banks charge us so many fees when they are borrowing our $$

Message Edited by fused111 on 08-10-2007 01:03 PM

Anonymous · ‎08-10-2007

@fused111 wrote:
I have never understood why a bank is allowed to pull credit reports when opening a savings account. Afterall, it's our money that they are borrowing. Come to think of it, why do banks charge us so many fees when they are borrowing our $$

Message Edited by fused111 on 08-10-2007 01:03 PM

i can't tell if you're being sarcastic... or making a really good point. lol

MidnightVoice · ‎08-10-2007

fused111 wrote:

Come to think of it, why do banks charge us so many fees when they are borrowing our $$

Rampant capitalism

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

fused · ‎08-10-2007

@Anonymous wrote:

@fused111 wrote:

I have never understood why a bank is allowed to pull credit reports when opening a savings account. Afterall, it's our money that they are borrowing. Come to think of it, why do banks charge us so many fees when they are borrowing our $$

Message Edited by fused111 on 08-10-2007 01:03 PM

i can't tell if you're being sarcastic... or making a really good point. lol

No sarcasm here. I just think it's ridiculous. The large "$$" was simply to emphasize it's my money. When you loan money to someone, they don't dictate the terms for repayment or charge excessive fees, you might though. I have argued this with others and the response I usually hear is, they watch your money in case you're robbed. Just think about it for a minute! 50k in a savings earning 1.5% interest compounded daily and after paying fees, what are you left with...50,009. The bank loans out this 50K and makes thousands of dollars.

Anonymous · ‎08-10-2007

I used to open new accounts at BOA about 11 years ago when it was still Boatmen's and we had started the practice of pulling credit reports on all new customers. If there were any collections at all we would not open any type of account for them at all because of the risk. We also pulled CS. Once they were a customer already though, we did not pull them to open another type of deposit account.

I think they were a little bit tough on people here but I can see an increased need to verify identity and risk also.

fused · ‎08-10-2007

TriciaLynn wrote:

I used to open new accounts at BOA about 11 years ago when it was still Boatmen's and we had started the practice of pulling credit reports on all new customers. If there were any collections at all we would not open any type of account for them at all because of the risk. We also pulled CS. Once they were a customer already though, we did not pull them to open another type of deposit account.

I think they were a little bit tough on people here but I can see an increased need to verify identity and risk also.

Pulling CS, I'm fine with that! I understand the need to verify identity but pulling one's credit is hardly the best way to do it. What risk is a bank assessing when I loan them money? Why can't I pull my bank's credit reports and assess their risk since I am extending credit to them?

Message Edited by fused111 on 08-10-2007 02:28 PM

Message Edited by fused111 on 08-10-2007 05:22 PM

Anonymous · ‎08-10-2007

jizoe182 wrote:
I don't understand why they had to check my credit for me to be approved for a savings account. Shouldn't they be checking ChexSystems instead? I don't get it...

That happened to me too!!! I asked them to remove it and they said they couldn't. Recently, I have written a letter requesting they remove it suggesting that the inq. should have been a soft inquiry if any (I haven't heard back yet). I opened a personal savings acct. - I also told them that I would have never opened that acct. had I known they would pull my CR.