I recently opened a savings acct through BOA Today I recieved an updated copy of my CR and noticed a hard pull from the bank. I had no knowledge of this, I was not informed by the bank rep, nor did I sign anything agreeing to this. is this a new banking policy ? do they have a pp because they open a savings acct? is this legal ?
Yup pretty much legal and expected. They have to pull a hard now because of the Patriot Act. Supposedly its to verify your ID.
Well, the Pat Act doesn't say that they have to pull hard. It just says that they must guarantee that you are whom you say you are, that can be by checking your phyiscal ID, ChexSystems or other credit report agencies, etc. Unfortunately, if you initiate any type of transaction with a company, they have a PP if they have enough information about you that they can pull a credit report.
I opened a 2nd checking account w/my bank, had accounts w/them for ten years. They pulled Chexsystem *and* EQ. There REALLY needs to be a new type of soft inquiry - ID verification, so it does not hurt your score.
Depends on the bank... Hawthorn Bank pulled a hard when I applied for a checking account. UmbrellaBank pulled a soft. Both through Experian. I think that it's just a matter of how they code their inquiries. If you are applying for credit, I can see a hard, but if it's just a checking or savings account, there is hardly a credit risk there. (One could make an arguement that by offering 'overdraft protection' to all account holders, there is a potential credit risk, but that's sketchy. Especially if you don't tell the applicant up front about the inquiry to begin with.) When my wife opened her Bank of America account they pulled a hard TransUnion. They didn't when I opened mine. BUT, I specifically asked that they NOT consider me for a BoA credit card. I suspect that the person who signed her up didn't bother to ask if she wanted the card, and just ran the application. (They got her address wrong, so we may never see the rejection letter.)
Depends on the bank... Technically, with any type of an account there is the possibility of over-drafts, over-drafts are an extension of credit (since bad checks are 'debts' under the FDCPA.)
Depends on the bank... There may be a possibility, but banks don't *have* to allow you overdraft, and tend to do so, or not, on a whim in my experience.
Re: Depends on the bank... Technically, with any type of an account there is the possibility of over-drafts. jam237 ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>how on a savings account?
Re: Depends on the bank... because nowadays you can get checks to write against savings accounts (i have checks for my money market). if you sign an application it should state they are going to pull credit.
Re: Depends on the bank... in all this madness I just found out that the bank had pulled my CR to offer me a line of credit without actually asking me if I was first interested when I opened my acct. needless to say I got approved for a platnium visa 5k limit. don't think I need that but I can use the TL to increase my fico. I'm happy to be given this opportunity, but I am also afraid of how easy it is to get deep in debt anyhow I only plan to use this for EMERGENCY only. thx for all your responses I'm gald to know that the bank wasn't just pulling because of a savings acct. as the hard lowers the score the TL will now help it out
Re: Depends on the bank... In the electric age, you can get direct deposits, and direct debits to and from a savings account as well as from a checking account. The fine print in most direct deposit agreements contains a provision that if any amount of a direct deposit is incorrect, say you were supposed to get $100.00, they deposit $1,000.00, they can reverse the transaction, irregardless of funds; so if you would have already taken out $500.00, you would be over-drafted by $400.00.
Re: Depends on the bank... thx jam just curious should the banks pull be a hard or soft for the deposit acct?
