Bank Accounts and Credit?

[firstenrgy]

I sent my nephew to my bank to open a checking account so he can have a debit card and the bank told him that his credit inquiry came back unacceptable? Of course, the kid is 18, he has no credit. So I told him I would go to the bank and they will do it for me. I went htere and they told me that it is the banks standard now to run credit to authorize the opening of a checking account. I asked them to do me a favor to help ge the kid started and they told me no. It wasn't until I told them to close my checking and savings account and give me a cashiers check made out to etrade financial that they called the bank manager over and made an exception. If I didn't have any money in the bank they never would have made the accomodation. This credit crunch is getting ridiculous! Anyone else have issues like that? How are poeple supposed to get started out now?

[daved150]

Re: Bank Accounts and Credit?

I sent my nephew to my bank to open a checking account so he can have a debit card and the bank told him that his credit inquiry came back unacceptable? Of course, the kid is 18, he has no credit. So I told him I would go to the bank and they will do it for me. I went htere and they told me that it is the banks standard now to run credit to authorize the opening of a checking account. I asked them to do me a favor to help ge the kid started and they told me no. It wasn't until I told them to close my checking and savings account and give me a cashiers check made out to etrade financial that they called the bank manager over and made an exception. If I didn't have any money in the bank they never would have made the accomodation. This credit crunch is getting ridiculous! Anyone else have issues like that? How are poeple supposed to get started out now?

omfg!!! are you serious?? dude...i could tell you story's...LOTS OF STORY'S...people around here (fg) talk to me like i'm a fukin idiot when i try to say something...i got people with zero late pays, never missed shyt, no collections, but that one card...that one ashole credit card adjusted his high credit on their card down and now EVERY asshole bank has to lower theirs...well...he had small balances and now, they lowerd them down to his balance and he had a 560 credit score becouse he "lives on his credit"...NOT!!!!! funkin assholes!!!!!!!!!!! now...i cant sell him a car. it's out of control, BIG TIME!!!!

[tn94z]

Re: Bank Accounts and Credit?

I have had somewhat of the same situation. It was actually before the budget crunch. Has he ever had a bank account anywhere else? The person I was trying to add to mine had an account that had been overdrawn at one point and it was still showing up on the report they ran...it wasn't really a credit report, they called it something else. They would let them get the account. I did the same as you and said "I will go take care of it." They also told me no and I had them call the manager because I knew him and he said to do it. That was the first time I had heard of it.

[angryoldman]

Re: Bank Accounts and Credit?

That is something totally new. I never heard of anyone running a credit report for an account??? Did your nephew sign something first authorizing them to run a credit report? If not, sue the piss out of them.
Credit laws are very specific and strict. No one can run a credit report on you unless you authorize them. Even if you walked into a bank and said "I want to apply for a home equity. But I want to check my credit first to see if I would be approved." Legally, you can't do it unless someone signs a loan app FIRST with the intent on getting a loan. Yes, you can go to free credit report.com and do it, but that's because you're going directly to the credit bureau.
NOW, there is a possibility the bank person had no idea what they were talking about, and ran Chexsystems instead of a credit report. What is ChexSystems you ask? Well, going against everything Benjamin Franklin said when he quoted "Those who give up their liberty for more security neither deserve liberty nor security", Chexsystems does several things. Did you ever write a check out at a store, and the person says "I need to see your drivers license"? And they write your drivers license number on the check? Well, if you've bounced checks before, they submit it to chexsystems, and keep it on record with your drivers license number. Yep, it's true. So if you went to Walmart, and wrote a $500 check out that bounced, I can see that if I run chexsystem on you.
The second thing it does, is it verifies the social security number with the date it was issued. So if you tell me you were born in 1980, and your social security number was issued in 1975, there's a problem!
Third, it tells me if you owe any other banks money. Why is that important? If you owe 3 banks money, all due to NSF activity, chances are if I open your account, we will be the 4th bank.
Fourth, it tells me if you are on an OFAC list (Office of Foreign Assets and Control). After 9/11, when they discovered all these terrorists had accounts in the US, Homeland Security came up with this list to alert banks that the person in front of you might be a terrorist. So before I open an account for "Muhammed Saleek", I need to see if his name matches anyone on the OFAC list. If it does, I won't open the account. Even if the Muhammed Saleek sitting in front of me is not the same one on the OFAC list, I will not do it until it can be verified further.
So, to sum it up, if your nephew had a credit report run on him without signing permission, he should sue the sh*t out of the bank. It's pretty much a win win case for him.
If they ran chexsystems on him, and he was declined, he needs to find out why he was declined. I did a google search for chexsystems, and found this page so you all can see what us bank folk see. Click on the sample box to see what a report looks like.
Hope this helps ya pally.

https://www.consumerdebit.com/consumerinfo/us/en/chexsystems/report/index.htm

[tn94z]

Re: Bank Accounts and Credit?

Cheksystems is what I was talking about...I couldn't remember the name

[deepsouth]

Re: Bank Accounts and Credit?

I bank at a credit union and have never had an issue, but I haven't tried to open a new account in the last 15 years

[daved150]

Re: Bank Accounts and Credit?

I bank at a credit union and have never had an issue, but I haven't tried to open a new account in the last 15 years

i dont see as much probs at the credit unions...thats why i told james too join one. the banks are jacked up though

[jamescb77]

Re: Bank Accounts and Credit?

yes sir in and out to open my account in 5 min at the local credit union

[firstenrgy]

Re: Bank Accounts and Credit?

That is something totally new. I never heard of anyone running a credit report for an account??? Did your nephew sign something first authorizing them to run a credit report? If not, sue the piss out of them.
Credit laws are very specific and strict. No one can run a credit report on you unless you authorize them. Even if you walked into a bank and said "I want to apply for a home equity. But I want to check my credit first to see if I would be approved." Legally, you can't do it unless someone signs a loan app FIRST with the intent on getting a loan. Yes, you can go to free credit report.com and do it, but that's because you're going directly to the credit bureau.
NOW, there is a possibility the bank person had no idea what they were talking about, and ran Chexsystems instead of a credit report. What is ChexSystems you ask? Well, going against everything Benjamin Franklin said when he quoted "Those who give up their liberty for more security neither deserve liberty nor security", Chexsystems does several things. Did you ever write a check out at a store, and the person says "I need to see your drivers license"? And they write your drivers license number on the check? Well, if you've bounced checks before, they submit it to chexsystems, and keep it on record with your drivers license number. Yep, it's true. So if you went to Walmart, and wrote a $500 check out that bounced, I can see that if I run chexsystem on you.
The second thing it does, is it verifies the social security number with the date it was issued. So if you tell me you were born in 1980, and your social security number was issued in 1975, there's a problem!
Third, it tells me if you owe any other banks money. Why is that important? If you owe 3 banks money, all due to NSF activity, chances are if I open your account, we will be the 4th bank.
Fourth, it tells me if you are on an OFAC list (Office of Foreign Assets and Control). After 9/11, when they discovered all these terrorists had accounts in the US, Homeland Security came up with this list to alert banks that the person in front of you might be a terrorist. So before I open an account for "Muhammed Saleek", I need to see if his name matches anyone on the OFAC list. If it does, I won't open the account. Even if the Muhammed Saleek sitting in front of me is not the same one on the OFAC list, I will not do it until it can be verified further.
So, to sum it up, if your nephew had a credit report run on him without signing permission, he should sue the sh*t out of the bank. It's pretty much a win win case for him.
If they ran chexsystems on him, and he was declined, he needs to find out why he was declined. I did a google search for chexsystems, and found this page so you all can see what us bank folk see. Click on the sample box to see what a report looks like.
Hope this helps ya pally.
https://www.consumerdebit.com/consum...port/index.htm

The application did mention that a credit inquiry will be done. I'm just glad I had the means to help him.
Another thing. Do not think that the max FDIC insurance amount is now 250K. It has a sunset provision that ends in 2013 (Dec31) so any monies that would be in play would go back to the 100k even if your bank went out today and settled jan 2nd 2014.

[TheChosen1]

Re: Bank Accounts and Credit?

A few years ago, I was admitted into the hospital for the doctors to control my celluitis better. My paycheck was automatically deposited into my WaMu account so I didn't have any worries, right? Guess again.

As I sat in the hospital for about a week, some asshole had been taking $300 from my account and did it 3 times. My girlfriend at the time told me that she'd gotten a call from the bank for me and when she told them who she was and that I was in the hospital, they explained that my account was negative and how soon would I be able to make a deposit. She explained to them that a deposit had been made days prior and that I had never made any withdrawals or wrote any checks since I was not home. Funny thing is, the withdrawals were made there at the bank, which was located in a grocery store at the time.

Fortunately for me, I was able to present hospital papers to the bank to show that I could not have made the withdrawals. But I didn't keep my account open there too long after that.