I have a savings account with WF bank. I requested a ATM card and they pulled my credit report TWICE (hard inquiry). Did they have a permissible purpose to pull my report?
Yes, they can. You have a business relationship with them that puts them at (potential) risk if you don't act in a responsible manner. Any time you open a bank account, modify it in any way, or ask for additional services, you can expect them to pull a credit report.
Gah, I'd go shopping for a new bank if mine hit my CR every time I changed something with my accounts. I have two banks (one online, one b&m), the only inquiry from either that I've had in the past 3 or so years was an A/R from Wells Fargo when I first opened the account.
The savings account was for my teenage son. I requested an ATM ( not a debit/VISA). Why would they need to run MY credit report for a savings account?
LOL! I was thinking the same thing. Just write them a what is your permissable purpose letter. You don't have to threaten to sue them yet.
When I contacted them regarding the inquiry they told me that I initiated a " business transaction" when a requested the ATM card. What constitutes a "business transaction"??
Unfortunately, when the consumer initiates a business transaction (virtually any transaction) a CR can be pulled. Even cashing a check can result in a FICO-murdering hard pull. I agree, it stinks.
Citibank is also notorious for pulling a hard inquiry when applying for a checking acct... happened to me! MisterX
