Why Would Wells Fargo Pull An Equifax Report To Open Checking Account?

[SKBirdmind]

Subject says it all... Been trying to open a checking account with them recently, but both online and branch applications were denied without stating reasons. Branch banker + manager were even more clueless... Today I got a letter in the mail, citing they pulled from Equifax.

I didn't consent to it. Nor does this have anything to do with getting a credit card from them. Anyone else ran into this problem, or know a solution?

Relaying said update to my assigned "escalations team member" over the phone, once they open tomorrow morning...

[GZG]

Was the report frozen?

did you get a hard pull?

it's common for banks to soft pull credit as an identity verification method, and if it's frozen the app fails and you get declined

[SKBirdmind]

Not frozen and not a "hard" pull, from what I can see...

I thought credit scores were supposed to be for determining creditworthiness for a loan, not something simple like opening a checking account.

[Gunnerboy]

I had to consent to HP and unfreeze my Experian to open a savings at BoA.

[FicoMike0]

I think they sometimes do a credit pull it you ask for overdraft protection, since it's credit. I always decline.

Let us know what you find out.

Ps make sure you get the sub

https://accountoffers.wellsfargo.com/welcomebonus/

[Zoostation1]

@Gunnerboyif any institution requires a hard pull for checking or savings I'll tell them where to go.   That's a hard no for me.

[Gunnerboy]

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@Zoostation1 wrote:

@Gunnerboyif any institution requires a hard pull for checking or savings I'll tell them where to go.   That's a hard no for me.

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Ordinarily, that's my position as well.  However, since I have PoA for my elderly mother and her BoA lifesavings, it was necessary by whatever means to join.

[coldfusion]

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@FicoMike0 wrote:

I think they sometimes do a credit pull it you ask for overdraft protection, since it's credit.

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You're correct, although IME overdraft protection is an opt-in option presented as part of the application process where you have to select it if you want it.

[SKBirdmind]

Looks like no "hard" pull, but will confirm once I review a proper credit report.

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@FicoMike0 wrote:

since it's credit.

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No it's not! Besides, no one ever at any point asked me anything even closely resembling questions about overdraft protection...

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@Zoostation1 wrote:

if any institution requires a hard pull for checking or savings I'll tell them where to go. That's a hard no for me.

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Yeah... My signature isn't current - but I've opened 3 (which isn't 2, nor is it 1) x different checking accounts within the last year. They didn't base off credit reports, nor feel qualified to use that kind of information to make hideous judgements about an individual's character.

[FicoMike0]

I've opened a lot of accounts recently, ( I'm sub crazy!) Including wells. If I don't see an overdraft opt in, I go back and find the hidden opt out. No one has pulled a hard pull, but I'm lol/12 on Chex and early warning.

one pulled envous too, I think.