New account season

[Ghel]

Wow, you don't even pull chex hits in addition? So many checking issues aren't even reported to the credit reports. Though I guess the credit report helps tell if someone is good for an overdraft line of credit. I have to tell people a lot that we don't automatically apply for those, though I can put in an app if they'd want one. Apparently a lot of banks just open the loc's as part of the process when they open a checking?

We used to pull credit reports for savings accounts, too, until FDIC examiners criticized us for it. They criticized us for pulling credit reports for new checking account customers, too, but management decided we will keep doing it, anyway. And this is even on new accounts where the customer doesn't want a debit card or overdraft line of credit. I questioned it when we were learning the new bank's rules, but I was told to stop arguing with them. O.o

[mikoyan29]

Having just finished university I saw that most kids are woefully under prepared in the sense of basic financial literacy, which results in ridiculous complaints like these.

Either parents or schools need to start instilling basic financial principles, although as you pointed out many parents are in the same predicament...

Most kids are not prepared to do many things in life when they get to college it seems.

[Aethian]

I need to find a second chance account myself and its like jumping through flaming hoops to just get denied.

*sighs*

So instead I pay 12 bucks a month for a prepaid card that had bill pay access.


So I feel for some of these people that got handed a bad deck in life and are trying to change everything. The others...not do much. They can all go jump in a creek...which includes the ex roommates that I know have screwed over at least four financial institutions and three apartment complexes.

[taxguykarl]

"Well, it looks like it's because (breaks into song) Nobody likes you, everybody hates you, you should eat some worms..."

Well we're talking the IRS who hates everyone.

[smileyeagle1021]

I'm curious as to why one can't have a debit card until they've had the account 6 months. If they don't have cash in the account the card wouldn't work, would it?

As was mentioned, most places are willing to run a debit card as a credit card (I don't know why, it is cheaper for a merchant to run a debit card than a credit card, but to each their own)... that and there are a lot of places that don't authorize the whole charge up front, such as gas stations (some now hold $50 to $75 and refund the difference, but a lot still only run a dollar and charge the difference) or even subscription services (it would be impossible for NV Energy to authorize my debit card up front because they don't know how much I'll use each month or even how many months I'll be their customer, same for U-Verse, Washoe County Water, or Waste Management).

As far as the "not my fault", my husband can actually relate on a case where it really wasn't (okay, partially, part of why he was denied an account was completely legit and he never disputed). About 7 years ago he had a check bounce. About 6 years and 11 months ago he paid back the bank for that check. It was not until about a year and a half ago that Golden Worst finally got around to (after much hand wringing and even threats of legal action) updating their reports to Checksystems to reflect that the check had in fact been paid.