Denied New Bank Account

[blueemployee]

What is the name of your state? AZ

Hello All,

I just went to open a new checking account and was surprised to find they ran a credit check and denied me for a new account.

Now I would understand if I was trying to BORROW money, but I am trying to give them money.

Can they legally check my credit without my consent? I did not sign any type of form or anything.......

 

[bigun]

There is a clause in the FCRA that says a permissible purpose is, any transaction initiaed by a consumer.

 

[wert]

Banks kind of have their own credit reporting agency called Chexsystems. Bad bank stuff stays on your report with them for five years.
You can go online and get the address to get a copy of your report.
I bet they pulled that.

 

[Ladynred]

Not necessarily. If the new checking account includes the option of a debit card with a Visa or MC logo on it.. they will and can pull a credit report. Even though its not specifically a credit card, and is not actually credit.. they treat it as such and do the credit check.