I went to Bank One to open a checking account and I didn't know that they pull credit report from Experian because they didn't tell me when they opened my checking account. After opening the account, I logged on to Experian websites. I found out they made one more inquiries on my Experian credit report. I called Experian customer service and it is nothing that they can do about the inquiry. They told me right now open checking acoount need credit check. About a couple of years ago, all they check the chexsystem and open checking account is nothing to do with credit. It's all a joke. Ron.
Re: Open checking pull credit!!!!!! yeah - annoying- Principal Bank pulled a hard when I opened an internet checking acct with them HOWEVER - ING Direct - pulled only a SOFT on TU when i opened a savings acct with them.
Re: Open checking pull credit!!!!!! If you still have your "OLD" checking account go back in and CLOSE it...because they DID NOT NEED TO PULL A CREDIT REPORT!!! If they needed a credit report to "SEE" how you DRIVE and "SEE" how you WRITE CHECKS...you could have given them one you already have!!!
Re: Re: Open checking pull credit!!!!!! GEORGE why close the new account? the damage is already done. Now he has two checking accounts to jugle with. =)
Re: Re: Re: Open checking pull credit!!!!!! HOW DOES A BAD CREDIT REPORT CAUSE $500 CHECK WITH $5,000+ AVAILABLE BALANCE, TO BOUNCE???
Re: Re: Re: Open checking pull credit!!!!!! There is NOTHING different between a "HARD" and a "SOFT" except a "SOFT" does not cause a SCORE DROP!!!
Re: Re: Re: Open checking pull credit!!!!!! TRANSLATION...a credit report can neither CAUSE A CHECK TO BOUNCE nor PREVENT ONE FROM BOUNCING!!!
Re: Re: Open checking pull credit!!!!!! Did someone say soft inq?? Did they offer you a cc? and who are they??
Re: Re: Open checking pull credit!!!!!! Credit checks are done to do a risk-screening of new checking account customers. People with bad/damamged credit are often bad check-writers. They go hand in hand. Banks know this, so when you open a new account relationship with a bank, they will use whatever means necessary to reduce risks of overdrawn/neglected accounts.
Re: Re: Re: Open checking pull credit!!!!!! A credit report can neither CAUSE A CHECK TO BOUNCE nor PREVENT ONE FROM BOUNCING!!!
Re: Re: Re: Re: Open checking pull credit!!!!!! No, but they can be helpful in determining if an account holder may/will INTENTIONALLY bounce checks, or overdraw their accounts. It has EVERYTHING to do with the way their current account standings are with others. Do they have charged-off accounts? We won't open a bank account due to the fact that they MAY and ALREADY HAVE charged off an account before. Why would this new account be any different?
Re: Re: Re: Re: Open checking pull credit!!!!!! Does that mean someone with a score under 680 will bounce checks and so they won't open an account? fletch.
Re: Re: Re: Re: Open checking pull credit!!!!!! I thought banks LIKED check bouncers!?!? Isn't that where they're making tons of money? LOL. I mean really - now they even offer "overdraft protection" as some sort of new "benefit" to banking with them. They're inviting people to write hot checks!!! It just irks me that you can't get insurance, a bank account or whatever else at a reasonable cost because of something stupid on you're credit report. Am I the only person that thinks my character should not be judged by my credit report??? I've never had ONE unpaid obligation or charge-off on my reports. I've never been in jail for hot checks and I've never committed insurance fraud. A bunch of lates due to getting behind on a couple of cc's that weren't my highest priority during bac times and some not-so-great ratios. I'm lazy about paying my bills on occasion and I've suffered a few setbacks like most of the population. Am I going to have to pay forever for these things. Oh yeah, not forever - just SEVEN years, hehe. And so it goes...
Re: Re: Re: Re: Re: Open checking pull credit!!!!!! We want to protect people's accounts with overdraft protection, but overdraft protection is NOT / SHOULD NOT be a banking way of life. By the way, banks take many losses due to charged-off accounts, fraudulent checks, bounced checks being deposited, check kiting, Nigerian scams, IDENTITY THEFT, etc. For every $1,000 loss the bank suffers, it takes 50 checking accounts to make up the difference. Yes, FIFTY. And in my position, I'm hearing stories every day about how dishonest people rip off the bank for $50,000+. In the banking business, if you put your name on it, you OWN it. If I open an account, I OWN it and take responsibility for it. Of course the bank has policies and procedures in place so I don't make uninformed and unwise decisions, but I wouldn't want to own (and risk my job) for a potential future charge-off. If I caused a loss to the bank of over $1,000+, I could be terminated depending upon the conditions and circumstances for this loss. Seen it too many times... (sigh). Makes me wonder if I'm in the right line of work.
Re: Re: Re: Re: Re: Open checking pull credit!!!!!! I thought that's why they use CHEXSYSTEMS. Let me get this straight - as a depositor at a bank, I am lending the bank MY money (my account shows as a liability on the bank's books) and I have to prove MY creditworthiness. Maybe I should ask the bank for a credit application when I open an account. After all, I am the lender in that transaction.
Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! Dang! Makes me want to set up a trust fund for Wells Fargo. Not. I'm not saying that any of the activity that you've referred to is appropriate, nor should it be condoned - including abuse of overdraft protection. But, after all the morality stuff is out of the way, the bottom line is that it's a cost of doing business and is factored into the fees, interest rates, etc. charged by WF. So let's put things into perspective: First Quarter 2003 Highlights: Record diluted earnings per share of $.88, up 10 percent from prior year's $.80* Record net income of $1.49 billion, up 8 percent from prior year's $1.38 billion** Return on assets of 1.70 percent Return on equity of 19.77 percent Record revenue up 9.3 percent from prior year Net charge-offs down $62 million, or 13 percent, from prior year *Diluted earnings per share before the effect of change in accounting principle **Net income before the effect of change in accounting principle SAN FRANCISCO - Wells Fargo & Company (NYSE:WFC) reported record diluted earnings per common share of $.88 for the first quarter of 2003, compared with $.80 in the first quarter of 2002, up 10 percent. Net income was a record $1.49 billion, up 8 percent from $1.38 billion in the first quarter of 2002. "Wells Fargo continues to be one of the handful of companies that is generating both strong revenue growth and earnings per share growth irrespective of the economic environment," said Chairman and CEO Dick Kovacevich. "Our revenue growth demonstrates that our customers are voting with their pocketbooks. Earning more of their business is a tribute to the sales and service skills of our 134,000 talented team members, to their ability to earn 100 percent of our customers' business and to our diversified, time-tested business model. During the past five calendar years, Wells Fargo's total revenue has grown at an annual compound rate of 10 percent, one of the highest growth rates in financial services, with annual compound diluted earnings per share growth of 16 percent over the same period. As a result of our growth, Wells Fargo has become one of the top 50 companies in the U.S. based on revenue, according to the Fortune 500 rankings. Forbes ranks Wells Fargo 12th among all companies in all industries in a composite ranking of revenue, profits, assets and market value and Wells Fargo is ranked among BusinessWeek's top 25 performing companies. We continue to be optimistic about the future because of our proven business model and because we compete in the broad financial services market, the world's most dynamic industry."
