Bank shop and credit reports question

I have a question. An MSC is offering a bank checking account opening shop.

The guidelines say no credit check or ChexSystems will be used. The account will be opened with $1.00 (reimbursed) and closed the next month by the bank. That part I don't have any issues with.

Does anyone know if the account opening and closing will be reported to the credit agencies? It seems to me that having multiple opening and closing checking accounts would be a negative factor on a credit report.

Anyone know?

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Hi winters. Deposit accounts are not credit products, so there is no pull or effect on your credit report.

Deposit accounts are run through ChexSystems.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

Not every bank uses Chex Systems. If it specifically says that they won't, then assume that they won't. Although a few people on this Forum have disagreed over the years, banks to the best of my knowledge do not run credit checks when opening a checking or savings account.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008

That doesn't answer my question.

I was wondering if the opening and closing a checking account would be a negative hit on my credit reports.

Both HonnyBrown and I answered your question. Banks do not use credit bureaus. If they don't use credit bureaus, then opening and then closing a checking account will have ZERO impact on your credit score.

@wintersilke wrote:

That doesn't answer my question.

I was wondering if the opening and closing a checking account would be a negative hit on my credit reports.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008

It wasn't a direct answer but I think I have the answer I was seeking. Thank you both.

"Although a few people on this Forum have disagreed over the years, banks to the best of my knowledge do not run credit checks when opening a checking or savings account," didn't address when the bank account is closed and I wasn't asking if they run a credit check. I was asking if they report closing an account to the credit agencies.

Even if the bank checks your credit report and/or uses the ChexSystem the impact should not be big or long lasting. There might be impacts if you did a whole lot of them. Some MSCs are better about protecting shoppers than others. When I opened a credit union account I was told that they would not do a credit check so you can imagine my surprise (and annoyance) when the banker said, "Congratulations! I have never opened an account for anyone with a credit score as high as yours." I asked what the score was and what he quoted was indeed my current score.

Read the second sentence below. This answers your question.

@HonnyBrown wrote:

Hi winters. Deposit accounts are not credit products, so there is no pull or effect on your credit report.

Deposit accounts are run through ChexSystems.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

Which is why I said I got the answer I was seeking.

Thx

Flash credit unions do soft pulls on your credit for marketing purposes. I'm not sure if banks do as well.

I found that out from Crappy Credit Union when I did a shop there.

@Flash wrote:

Even if the bank checks your credit report and/or uses the ChexSystem the impact should not be big or long lasting. There might be impacts if you did a whole lot of them. Some MSCs are better about protecting shoppers than others. When I opened a credit union account I was told that they would not do a credit check so you can imagine my surprise (and annoyance) when the banker said, "Congratulations! I have never opened an account for anyone with a credit score as high as yours." I asked what the score was and what he quoted was indeed my current score.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

I have opened and closed accounts for years, some I've re-opened. Never effected my credit in any way. You can check yourself through CreditKarma.com it is free once a year.

My caution is that per the MSC there would be NO credit check yet obviously it occurred. I could not start to tell you whether it was 'hard' or 'soft'. The point is that it happened when the MSC indicated it would not.

FYI, credit unions do a soft pull on the credit scores of their members. That does not affect the credit score, just the hard pulls.

It does suck that it happened when the MSC said it would not. It sucks that it happens to people who opt out of marketing requests. It's how they make their money though. It doesn't suck when my car loan is under 2%.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

@wintersilke wrote:

I have a question. An MSC is offering a bank checking account opening shop.
The guidelines say no credit check or ChexSystems will be used. The account will be opened with $1.00 (reimbursed) and closed the next month by the bank. That part I don't have any issues with.

Perhaps your real concern should be about the fees. While no one actually opens an account with a $1, I would be suspicious about the fee for having a $1 in your account for a month. The MSC will reimbursed you a dollar but will they reimbursed your fees? You should read the banks rules about the minimum deposit before venturing out and opening a checking account. If the minimum is $300, then you best bet is to open the account with $301

In my experience, banks generally provide 2 or 3 statement cycles in order to achieve whatever it takes to avoid fees. That is especially true when the way to avoid the fees is a direct deposit. Changing a direct deposit does not happen instantly. Even when the issue if achieving a particular minimum or average balance, there is almost always a grace period.

I am not disagreeing with Sojo in so far as it is important to read the rules and to ask questions. In my experience, the website may say "maintain a minimum $500 balance or a direct deposit of at least $750," but rarely will they tell you that there is a grace period of 2 or 3 statement cycles. Yes, I want to see that in writing, but it is usually in a disclosure sheet the banker has, not on the website.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008

myst, when I do account shops, I always ask when the account has to be funded to avoid the fees, because, as you stated, that info is not volunteered.

As for the disclosures, the banks I have accounts at have the disclosures on their websites. Crappy Credit Union has the current disclosures buried, and they are hard to find. The disclosures have the current fees and rules for the deposit accounts.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

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