gypsie Posted November 7, 2007 Report Share Posted November 7, 2007 This was the first time it has happened to me... I opened a new savings account...... and they pulled by EQ report. Is this standard now? This particular bank never pulled my CR before when opening new accounts.I have another savings account with my credit union- they never pulled my CR either. Link to comment Share on other sites More sharing options...
jq26 Posted November 7, 2007 Report Share Posted November 7, 2007 I've never had a bank ever pull credit. But I have had two different credit unions pull credit at the time of application to join- which coincided with the opening of share accounts (savings). Link to comment Share on other sites More sharing options...
Donna47129 Posted November 7, 2007 Report Share Posted November 7, 2007 US Bank pulled mine when opening checking... Link to comment Share on other sites More sharing options...
Bella710 Posted November 7, 2007 Report Share Posted November 7, 2007 I opened a savings last month at Wachovia and they pulled my report. I'm just glad they didn't pull EX or I would have been pissed. Link to comment Share on other sites More sharing options...
jq26 Posted November 8, 2007 Report Share Posted November 8, 2007 This trend really sucks. I fail to see why it is necessary for them to pull credit because there is no credit being extended by the bank. Technically, you are lending them money. They pay you x% on your deposits and then they borrow it from you and lend it out at x + spread %. This is how banks make their money. So if anything, we are the creditors and they are the borrowers on deposit accounts. Link to comment Share on other sites More sharing options...
Bella710 Posted November 8, 2007 Report Share Posted November 8, 2007 This trend really sucks. I fail to see why it is necessary for them to pull credit because there is no credit being extended by the bank. Technically, you are lending them money. They pay you x% on your deposits and then they borrow it from you and lend it out at x + spread %. This is how banks make their money. So if anything, we are the creditors and they are the borrowers on deposit accounts.Yeah I agree. I have had a checking w/Wachovia since 1999 and have never had a problem, but they still felt the need to check my credit to give me a savings. You think my past history banking with them would have been enough to prove I wasn't going to start overdrawing my account and writing bad checks. Link to comment Share on other sites More sharing options...
sgip2000 Posted November 8, 2007 Report Share Posted November 8, 2007 If I went into a bank and they wanted to do a credit check for a savings account, I'd walk right out the door. Absolutely no reason for it. Also, why the "Chex Systems" check on a savings account? It's not called "Savings Systems". Link to comment Share on other sites More sharing options...
trich701 Posted November 8, 2007 Report Share Posted November 8, 2007 Banks pull your credit reports in part because of identity theft. They use your CRs as a means to verify the info on your applications such as your true name, address, etc. Link to comment Share on other sites More sharing options...
sgip2000 Posted November 8, 2007 Report Share Posted November 8, 2007 Banks pull your credit reports in part because of identity theft. They use your CRs as a means to verify the info on your applications such as your true name, address, etc.Well, if they use EX to verify my name, they'll have to pick one of the 17 listed to go with. Link to comment Share on other sites More sharing options...
Fizzle1979 Posted November 9, 2007 Report Share Posted November 9, 2007 Banks pull your credit reports in part because of identity theft. They use your CRs as a means to verify the info on your applications such as your true name, address, etc.I'm not personally attacking you. But isn't that what an ID is for? I'm with SQIP, if they wanted a credit check I'd just look at them crazy. haha Link to comment Share on other sites More sharing options...
LeslieR Posted November 9, 2007 Report Share Posted November 9, 2007 I used to think they only pulled if they issued you a debit card or an overdraft line of credit. But I opened an online savings w/ ING and they did a hard pull and then monthly soft pulls. Why in the world that is necessary, when I'm not even withdrawing anything from their account, is beyond me. I know soft pulls don't hurt me, but that's unnecessary snooping. Link to comment Share on other sites More sharing options...
Amerikaner83 Posted November 9, 2007 Report Share Posted November 9, 2007 I got an ING account, and they've NEVER pulled my credit. had it for 2 or 3 months Link to comment Share on other sites More sharing options...
Fizzle1979 Posted November 9, 2007 Report Share Posted November 9, 2007 I got an ING account, and they've NEVER pulled my credit. had it for 2 or 3 monthsThat good to know because I just applied for an ING account and I didn't read anything in the agreement about a credit pull. Link to comment Share on other sites More sharing options...
pointman Posted November 9, 2007 Report Share Posted November 9, 2007 Back in June I opened a joint checking and savings account with my DD in her college town and Wells Fargo pulled my credit. They also denied me for a small student loan at the time. That's when I found out I had been slammed with all the bogus derogs over the past 3 years.I started the repair in July and it's been a very profitable 4 months since that credit pull. Link to comment Share on other sites More sharing options...
Donna47129 Posted November 9, 2007 Report Share Posted November 9, 2007 Yeah, US bank pulled my credit and let me open a checking account, in person.A month later I tried to open a savings with them online and got denied!! I didn't bother with it anymore and just opened a savings online with, and don't shoot me, Crap1!!I figured it's too easy to take money out of savings with US Bank anyway since there is a branch near me, with Crap1 I have to transfer money online and it takes 3 days...so less temptation to use the savings! Link to comment Share on other sites More sharing options...
trich701 Posted November 9, 2007 Report Share Posted November 9, 2007 Anyone can get an ID, unfortunately the pulling of credit reports is common for this reason. I know from experience and from asking questions. Link to comment Share on other sites More sharing options...
Fizzle1979 Posted November 10, 2007 Report Share Posted November 10, 2007 I used to think they only pulled if they issued you a debit card or an overdraft line of credit. But I opened an online savings w/ ING and they did a hard pull and then monthly soft pulls. Why in the world that is necessary, when I'm not even withdrawing anything from their account, is beyond me. I know soft pulls don't hurt me, but that's unnecessary snooping.They did a soft pull on me. Link to comment Share on other sites More sharing options...
bankybruce Posted November 10, 2007 Report Share Posted November 10, 2007 When I joined my credit union 2 years ago, they pulled my credit and I asked why and she said so they can run all the names on the report to ensure I had never opened a account under a different name and to ensure the SS number I gave her match the name on my ID. She told me she does not even see the actual credit report, just the name section and actually showed me what she saw and there was no actuall credit info, just the the name and address section. She said people all the time ask why they pull it and they always show the customer what they pull. It was at Arizona Federal Credit Union. My account was opened right then.Makes sense to me. Link to comment Share on other sites More sharing options...
insomniac Posted January 4, 2008 Report Share Posted January 4, 2008 Also, why the "Chex Systems" check on a savings account? It's not called "Savings Systems".Yeah, I gotta say that I don't understand this at all. I got my first-ever ChexSystems report today (thankfully, nothing is reported on it) and I noticed that BofA and Emigrant Direct both pulled it when I opened savings accounts with them. Link to comment Share on other sites More sharing options...
myscoresawful Posted January 4, 2008 Report Share Posted January 4, 2008 I opened a BoA checking account back in June. They pulled my TU report.I have heard it is because of the terrorist security stuff, *shrug*. I also know a girl that works at a bank here locally and she said they pull EQ for a checking account and require a score of the high 500s to open.She said the reason being, you give somebody a book of checks and you might as well be giving some people a loan. Link to comment Share on other sites More sharing options...
debtmamma Posted January 4, 2008 Report Share Posted January 4, 2008 You are right it's due to this patriot act nonsense. Link to comment Share on other sites More sharing options...
insomniac Posted January 4, 2008 Report Share Posted January 4, 2008 I opened a BoA checking account back in June. They pulled my TU report.I have heard it is because of the terrorist security stuff, *shrug*. I also know a girl that works at a bank here locally and she said they pull EQ for a checking account and require a score of the high 500s to open.Yeah, my reports show BofA pulled TU (and ChexSystems) for savings, EQ for checking. I thought maybe I'd dodge the pull for checking because I already had a savings account in good standing with them, but that was not the case. My EQ score must have been high enough by that point.This is part of the reason why I choose to do my primary banking with credit unions instead. They seem less likely to pull credit to open accounts, and I know that my current one didn't pull anything when I opened checking and savings. Link to comment Share on other sites More sharing options...
jetscarbie Posted January 4, 2008 Report Share Posted January 4, 2008 I opened both checking/savings at Empire Credit.....they didn't do a credit check for either. She did tell me that if I wanted overdraft protection on my checking they would have to pull. Link to comment Share on other sites More sharing options...
Recommended Posts