Opening a checking account

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MemberSince99
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Opening a checking account

Postby MemberSince99 » Thu Jun 11, 2015 8:18 pm

One last mini rant - why is it when you go to open a checking account, some of these banks want to do a hard pull like you are seeking credit?

You aren't seeking credit - you are seeking to deposit money with them and pay bills off that money. Not all of them do it - Chase does not, but those that do, I really don't understand the practice.

And yes for the diehard debaters, I realize you can elect to allow your account to be overdrawn. That's a stupid thing to do, but I know you can choose to do that. (Personally I never do it). I just disagree that a checking account is a credit account on principle.

Worse yet would be to do that on a savings account. That you can't overdraw so I really can't see that one at all not even a little bit.


Nixon
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Re: Opening a checking account

Postby Nixon » Thu Jun 11, 2015 8:22 pm

Freeze all reports, Works for NFCU.
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Vermonster
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Re: Opening a checking account

Postby Vermonster » Thu Jun 11, 2015 9:37 pm

Overdrafting your account is not an extension of credit. It is a fee imposed on you for doing so. That is made perfectly clear in all the literature selling overdraft protection. They can't have it both ways.
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ingramjuan
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Re: Opening a checking account

Postby ingramjuan » Thu Jun 11, 2015 10:11 pm

I agree with you, I open up a basic saving account and they did a hard pull. I really hate that. I guess I will always keep my bank savings & checking account forever because I don't want another hard pull.
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Nixon
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Re: Opening a checking account

Postby Nixon » Fri Jun 12, 2015 12:05 am

ingramjuan wrote:I agree with you, I open up a basic saving account and they did a hard pull. I really hate that. I guess I will always keep my bank savings & checking account forever because I don't want another hard pull.


Or freeze your reports....
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MemberSince99
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Re: Opening a checking account

Postby MemberSince99 » Fri Jun 12, 2015 5:50 am

Nixon wrote:
ingramjuan wrote:I agree with you, I open up a basic saving account and they did a hard pull. I really hate that. I guess I will always keep my bank savings & checking account forever because I don't want another hard pull.


Or freeze your reports....



Under the TOS, that subject is unethical, and an act of terrorism as well as a greater crime against credit than the Holocaust, and thus, I'm going to have to ban you for life.......

Oh, sorry, I had a moment there when I went all 09. Never mind.

takeshi
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Re: Opening a checking account

Postby takeshi » Fri Jun 12, 2015 9:06 am

Overdraft protection is one possible reason but fraud prevention is the other and falls under the vague "legitimate business need" section in the FCRA as I understand it. And that's not the only non-credit permissible purpose defined. Granted, some soft and some hard but does the why really matter? If you want to avoid an HP on opening a checking account you can definitely research and find banks that do not do so and that would seem to mesh with your voting with your business approach.

Further, HP's are typically a small impact though the impact is bigger for those with thin/poor credit profiles which is probably why so many on credit forum sites are so HP averse. Once you're established and in good shape they're not the big deal that they're made out to be on these sites.

Vermonster wrote:Overdrafting your account is not an extension of credit. It is a fee imposed on you for doing so. That is made perfectly clear in all the literature selling overdraft protection. They can't have it both ways.

You're confusing the overdraft fee with overdraft protection. They're two entirely different things. Typically the latter is used to avoid the former. Unless you're using another deposit account or an existing credit account for overdraft protection then they are granting credit.

MemberSince99 wrote:One last mini rant

Ha!

If you weren't ranting we'd know it was an impostor. Image

MemberSince99
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Re: Opening a checking account

Postby MemberSince99 » Fri Jun 12, 2015 2:25 pm

takeshi wrote:Overdraft protection is one possible reason but fraud prevention is the other and falls under the vague "legitimate business need" section in the FCRA as I understand it. And that's not the only non-credit permissible purpose defined. Granted, some soft and some hard but does the why really matter? If you want to avoid an HP on opening a checking account you can definitely research and find banks that do not do so and that would seem to mesh with your voting with your business approach.

Further, HP's are typically a small impact though the impact is bigger for those with thin/poor credit profiles which is probably why so many on credit forum sites are so HP averse. Once you're established and in good shape they're not the big deal that they're made out to be on these sites.

Vermonster wrote:Overdrafting your account is not an extension of credit. It is a fee imposed on you for doing so. That is made perfectly clear in all the literature selling overdraft protection. They can't have it both ways.

You're confusing the overdraft fee with overdraft protection. They're two entirely different things. Typically the latter is used to avoid the former. Unless you're using another deposit account or an existing credit account for overdraft protection then they are granting credit.

MemberSince99 wrote:One last mini rant

Ha!

If you weren't ranting we'd know it was an impostor.
Image


Good point! :)

deebee78
 
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Re: Opening a checking account

Postby deebee78 » Tue Jun 16, 2015 11:29 pm

MemberSince99 wrote:One last mini rant - why is it when you go to open a checking account, some of these banks want to do a hard pull like you are seeking credit?

You aren't seeking credit - you are seeking to deposit money with them and pay bills off that money. Not all of them do it - Chase does not, but those that do, I really don't understand the practice.

And yes for the diehard debaters, I realize you can elect to allow your account to be overdrawn. That's a stupid thing to do, but I know you can choose to do that. (Personally I never do it). I just disagree that a checking account is a credit account on principle.

Worse yet would be to do that on a savings account. That you can't overdraw so I really can't see that one at all not even a little bit.


Actually Chase denied me a checking account based on information in my Experian report - their words, not mine. I tried online and in a branch, and they still wouldn't open an account for me. I have a Freedom card with them, but they don't seem to want to let me park my money in their bank.



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