I am presentlhy thinking about moving my banking over to BoA. I was reading on their website today that they do a credit check when applying for checking/savings accounts. I was wondering if anyone knows if this is a soft or hard? I already have a BoA plat visa, but I do not want another hard on my credit reports. THey did say credit inquiry and evaluate previous banking relationships.
I think they do pull hard and check chexsystems. I've been with them 5 years (premium customer) and every time I apply for any type of product they pull
How do you like their banking? I have their plat visa and have no complaints. Are they more generous with their banking customers?
Opinions on this board vary. I've banked with couple of different bank like: Bank of America, Citibank, US Bank. BofA is by far the best. The employees are VERY nice, they are generous and very helpful if you have a problem, etc. Comparing to let's say Citibank ... well there is NO comparision! To me Citibank BANKING is LAME. They act like they are making you a favor I would say go for it. I'm sure you will hear different opinions from different members here so, hold on thigh
I am presently with Chase, but they dont seem to want to keep my business very bad. So I would say the comparison is Chase vs BoA
I've had a very good banking relationship with BofA. Customer service is good, online banking is free (at least for my account, I don't know if they have different levels or not), and they've been willing to waive fees when they can see that they caused or contributed to the problem. I never had a bank account with Chase, but my credit card experiences weren't great. I don't know about the inquiry, I've had the checking account since 1971, has been through four mergers to become BofA.
At wells fargo, we do a soft (passive) credit check to determine credit worthiness. This is to help you be approved for the ATM & CHECK card. (it can take up to 3 days to deduct a purchase from your account, so you can feel like you have "3 days credit".) However, if you apply for a credit product, it will be a hard inquiry.
David What CRA does Wells Fargo use?? Here in Texas at the branch there is a sign that has experian's name on it. I didn't get to read it too close. What report would they pull if someone wanted a Wells Fargo Credit Card not the Check and Cash card
Wells Fargo uses all 3 bureaus for different purposes. We'll use Experian for initial unsecured credit card applications. We'll use Equifax for Home Equity products, and Trans Union for credit card line increases. (I know because I've been declined for line increases many times.) So, for a Wells Fargo credit card, we'd usually pull experian.
Online banking, which is free at BofA, has saved me mucho $$$ in postage. Also, they pulled a hard TU inquiry when I opened my acct in 2001. But then again, the 17 other inquiries on my credit report were getting lonely.
