Questions about online banking accounts in general and capital one 360

[Anonymous]

Hello,

Capital one 360 is offering up to $500 bonus for opening a savings account: https://www.capitalone.com/bank/savings-bonus/

I'm considering about joining but have few concerns:

1. As we all know credit card issuers report to the credit bureaus, and so when we chose to close a credit card account - it will appear as a closed account on the credit report and will probably hit the score. Does the same happens with savings/checking account? If I were to close that account in 1 year - would it appear on the credit report or effect it?

2. Does Capital one 360 do soft/hard pull when opening a savings account?

3. Is there any hidden catch regarding the bonus (besides what is written in "how it works?") ?

4. Searching through this forum, I found that chase offered $500 as well few months ago, but not offering that any more, are the doing that periodically ? can I expect them to offer that again in the near future?

Thank you! 

[Anonymous]

Anyone?

[Anonymous]

Banks use a system called ChexSystems, but it is more for reporting people who bounce checks. I am not sure excatly what data gets sent to them, but you can request a copy of your report. For the most up to date list I know of checking and savings account bonuses check out:

http://www.doctorofcredit.com/best-bank-account-bonuses/

Here is a lot of good info on chexsystems and what they report. It is a lot more stuff than I realized, not sure I am cool with this...

https://wallethub.com/edu/what-is-chexsystems/13131/

[Anonymous]

Thanks ,@Bureau.

I meant to ask if closing a checking/savings accout affect the credit score/report in any way ?

[Anonymous]

Nope opening and closing checking accounts has zero impact on your credit report or score (unless the bank required a hard pull to join). The only time anything from a checking or savings account closing would show up on your credit report would be if you had auto pays set up and fogot to swap those over. Even that senerio is pretty unlikely. 

[Blodreina]

They will require a hard pull if you want the optional overdraft line of credit.