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RBFCU - 5 Max Chexsystems to join

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baller4life
Super Contributor

Re: RBFCU - 5 Max Chexsystems to join

Congrats. That's how I got in too. I don't like wasting inqs. So sometimes I have to put on the charm! Smiley Happy
Message 21 of 27
gibeon
Established Contributor

Re: RBFCU - 5 Max Chexsystems to join


@baller4life wrote:
Congrats. That's how I got in too. I don't like wasting inqs. So sometimes I have to put on the charm! Smiley Happy

It looks like my attempt at charm has actually succeeded. 

 

Got my new Debit Card in the mail today and activated it. Then I called in to get my account numbers which was successful as well.

 

My new account number is about a billion times longer than my old one (which was 5 digits, plus 1 xxxxx-x).

 

23 Open Bank Cards / 7 Open Store Cards / TOO many inquires / Mid/High 600's
Message 22 of 27
Anonymous
Not applicable

Re: RBFCU - 5 Max Chexsystems to join

Personally I would like to see something put in place where a consumer could validate/affirm that his CS inquiries are all truly initiated by him and for legitimate purposes (e.g. not the result of an identity thief or money launderer).  Something that could cause his total inquiries to be somehow wiped and reset to zero.

 

Th problem is that, as mentioned earlier, that's only half of the reason banks get nervous about approving someone with several CS inquiries.  The other half is protecting themselves against consumers who are chasing the latest signup bonus and who will, in all probability, close the new account six months later.  People like me.  :-)

Message 23 of 27
Anonymous
Not applicable

Re: RBFCU - 5 Max Chexsystems to join


@UncleB wrote:

@Anonymous wrote:

A few people on the thread have expressed surprise that Chexsystems inquiries by themselves (no negative information) would be a red flag to some banks.  They have asked if anyone knows why banks might have policies along this line. 

 

There are two groups of people that tend to be costly for savings and checking instiutions to get involved with.  One is identity thieves, money launderers, and other criminals.  They often open lots of bank accounts, especially when they find someone's identity (SSN and DOB and Name give you a lot).  Another group are people who know how to scour the internet for the latest sign up bonuses.  These people cost the bank a lot of money in setting up the accounts, and then once the cash bonus is received, which was intended to get them to stay, they leave.  I fall into this second category,  Both groups of people share a common trait: a Chexsystem report that shows applications to open several bank accounts a year.

 

Whether you a are a criminal or savvy customer, you appear to some banks be somebody who is is going to take the money and run.  They have inquiry cutoffs to control that risk, since stable noncriminal customers often have under three such inquiries in  a multi-year period.


I had never thought about the possibility of churning checking accounts for a bonus (probably because I've never gotten more than a 'handshake' after opening my own in the past)... but it makes perfect sense.  Just like you say, the point of the bonus is to attract new long-term customers - something folks that have numerous checking accounts aren't likely to be.

 

Yet another example of the 'wisdom of the collective' here... thanks for bringing up some excellent points!  Smiley Wink


I got a free calculator when I opened my business account with Seafirst, (now BOA), back in 1989. Used that thing for 19 years before it finally died. Smiley LOL

Message 24 of 27
Imperfectfuture
Super Contributor

Re: RBFCU - 5 Max Chexsystems to join


@Anonymous wrote:

@UncleB wrote:

@Anonymous wrote:

A few people on the thread have expressed surprise that Chexsystems inquiries by themselves (no negative information) would be a red flag to some banks.  They have asked if anyone knows why banks might have policies along this line. 

 

There are two groups of people that tend to be costly for savings and checking instiutions to get involved with.  One is identity thieves, money launderers, and other criminals.  They often open lots of bank accounts, especially when they find someone's identity (SSN and DOB and Name give you a lot).  Another group are people who know how to scour the internet for the latest sign up bonuses.  These people cost the bank a lot of money in setting up the accounts, and then once the cash bonus is received, which was intended to get them to stay, they leave.  I fall into this second category,  Both groups of people share a common trait: a Chexsystem report that shows applications to open several bank accounts a year.

 

Whether you a are a criminal or savvy customer, you appear to some banks be somebody who is is going to take the money and run.  They have inquiry cutoffs to control that risk, since stable noncriminal customers often have under three such inquiries in  a multi-year period.


I had never thought about the possibility of churning checking accounts for a bonus (probably because I've never gotten more than a 'handshake' after opening my own in the past)... but it makes perfect sense.  Just like you say, the point of the bonus is to attract new long-term customers - something folks that have numerous checking accounts aren't likely to be.

 

Yet another example of the 'wisdom of the collective' here... thanks for bringing up some excellent points!  Smiley Wink


I got a free calculator when I opened my business account with Seafirst, (now BOA), back in 1989. Used that thing for 19 years before it finally died. Smiley LOL


LOL, Seafirst became WAMU, then bought out by Chase.  Had Seafirst account, same bank up the street became WAMU (no BOA).

 

Edit to add: wiki says you are right.  Do not know why my branch became WAMU, but only had BOA account for little time, not in same branch.

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Message 25 of 27
vanillabean
Valued Contributor

Re: RBFCU - 5 Max Chexsystems to join

And those same CUs pull a hard inquiry for something as transparent as a debit card!

 

Message 26 of 27
Imperfectfuture
Super Contributor

Re: RBFCU - 5 Max Chexsystems to join


@Anonymous-own-fico wrote:

And those same CUs pull a hard inquiry for something as transparent as a debit card!

 


Huh?  I have had no hard pulls unless credit related.

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Message 27 of 27
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