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 Posted: Mon Feb 26, 2007 9:03 pm Subject: new checking account/credit check? |
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ive had my checking account since college (27 now) and im looking to open a new checking account because ive used this one to pay all my cc's and im kind of paranoid of who might get my info. Not that im in real danger of anyone taking out all my money but you never know. I only have one account at the moment with a CA that i need to work with (1200), i just settled with another CA and i think they might have my info from the original creditor so I want to keep my money somewhere else. luckily all my other debts that im paying back are with the OC's so im not too worried about them.
my question is do banks do a credit check? Ive never had a problem with bounced checks or overdrafts. Im in new york and looking to open an account at commerce bank. If they do a credit check, will someone who looks on my credit report see that i might have opened an account with them (if i do open an account with them)? also,I'll have to give the bank my work info so im afraid of that information going to the wrong hands but i dont think i have a choice with that.
i know i might seem a little paranoid but ive read so many bad things,that im just worried about my checking account and want to keep my money safe 
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phacia2010
Joined: 30 Jan 2007
Posts: 45
Debtcc Points: 1920
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| Posted: Mon Feb 26, 2007 9:55 pm Subject: |
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| Quote: | | my question is do banks do a credit check? |
I believe many do nowadays, as it is becoming standard practice to offer unsolicited overdraft protection.
| Quote: | | also,I'll have to give the bank my work info so im afraid of that information going to the wrong hands but i dont think i have a choice with that. |
I see no cause for concern here.
| Quote: | | If they do a credit check, will someone who looks on my credit report see that i might have opened an account with them (if i do open an account with them)? |
If the bank opens an overdraft line of credit, this may appear on your report. I do not know what type of inquiry this would show up as, though I suspect it would be a "hard" inquiry, and thusly visible on your CR.
Unless you actually need a new bank, I would advise to close the account and open a new one. Many banks do not view this as a big problem when you tell them your financial information could be compromised. Doing so reduces their fraud risk, and they get to sell you new checks.
_________________
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Morningstar
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Joined: 06 Feb 2007
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| Posted: Tue Feb 27, 2007 7:05 am Subject: |
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As long as you can pass a chex system scan,you should have no problems opening a new account. Unsure about banking that far north,but down here where I live they almost never pull credit and when they do it is a soft inquiry not seen by anyone but you.
Morningstar does bring up a critical point.If you are offered overdraft protection above certain dollar amounts,they will consider that a valid credit application and pull a hard inquiry on you.These amounts are usually decided by internal bank policies.
I opened a checking account about two months ago with a $200 overdraft and all they pulled was my chex system report.
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cajunbulldog
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| Posted: Tue Feb 27, 2007 7:57 am Subject: |
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I opened a new checking account in November and the bank ran a Chex System report. My bank gives you free overdraft protection of $800.00 and no queries were made. This is an exceptionally good bank and perhaps I'm not the best example.
The bank absolutely can not give either your personal or work info to anyone unless there are extreme circumstances, like a police investigation.
As for me personally, I do not provide any CA's I'm working with my bank info. My bank provides free money orders but I don't use them. I don't want any of the CA's to know anything about my bank.
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fjv4
Joined: 29 Dec 2006
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| Posted: Tue Feb 27, 2007 1:49 pm Subject: |
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I agree with fjv4 about the money orders- when I was paying an an account with a CA, I got the money orders at a currency exchange and paid the extra $1.00 even though my bank too has them for free, so that it did not show my bank info. I have never paid on a bill in collections with a personal check.
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dalfire497
Joined: 01 Feb 2007
Posts: 141
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| Posted: Tue Feb 27, 2007 3:11 pm Subject: |
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Make sure that you have researched the bank before opening the checking account. Call the collection company and tell them that you want to work out a different way in paying the account, without using your checking account.
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Howard
Joined: 30 Oct 2006
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| Posted: Tue Feb 27, 2007 4:23 pm Subject: |
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If it is Commerce Bank and Trust they use only chexsystems to verify new accounts. If it's another commerce bank, post the full name of the bank and I can tell you what they use.
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goudah2424
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| Posted: Tue Feb 27, 2007 7:25 pm Subject: |
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thank you all for the input.
Goudah, the bank I was looking to open a new account with is Commerce Bank or maybe Wachovia also. any help would be much appreciated.
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phacia2010
Joined: 30 Jan 2007
Posts: 45
Debtcc Points: 1920
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| Posted: Tue Feb 27, 2007 7:29 pm Subject: |
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i only use money orders to pay the bills and for my debt repayments, since ive used my current checking account since college to pay all my bills im just afraid of this info getting into the wrong hands so i want to open up a new bank account for safety.
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phacia2010
Joined: 30 Jan 2007
Posts: 45
Debtcc Points: 1920
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