Opening a new account

I ahve noticed that there are many shops now that require you to open either a checking account or other kind of account.'

Many of the newer accounts charge a fee if you dont have a Direct Deposit monthly or use your debit card several times a month,

Do these multiple accounts hurt your credit score? I, personally, have enough accounts and I am not shoping these clients.

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My sense is that generally they do not hurt your credit score. I don't open a whole lot of them in a year and often they just use the system internal to banks to check whether you are okay. Most of the time the banks have an alternative to direct deposit to keep an account free. I had one bank indicate that ANY direct deposit satisfied the need. I set up a second recipient of Paypal funds and directed a payment or two to that bank each month. Another bank indicated that it could be EITHER a direct deposit or an ACH or ETF. I have one bill per month pulled out of my account there. I did talk with one the other day that wanted 20 Debit Card transactions per month! That just is not going to happen. I opened a free savings account instead. (I always read instructions very carefully and if it does not SPECIFY a checking account but just indicates I need to open 'an account' I do then have the savings account option and have never had problems.)

I open and close accounts all the time and have no problem with my credit score. Most accounts will allow you to keep the account open for 30 to 60 days before charging any service fees. If you open an account with the minimum amount and then cancel it before the 30 days, you will not have to have any direct deposit. What I understand does lower credit scores is opening and closing credit cards.

G8r1966 there is another thread about this but watch the tree account....
it is promised to be ongoing but that is once a year shop.

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Opening a new account

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