Banks now require good credit to open checking account

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coinmaster32

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Sep 25, 2010
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USA
Bank of America, Ally, and other banks are now REQUIRING people to have good credit to open a checking account.

When contacted about this issue, it appears that banks NO LONGER WANT TO BE HELD LIABLE for negative accounts.

It now really starting to look like a coffee can is the best bank around!
 
Thee are plenty of smaller regional and local banks and credit union that will be happy to open an account.
 
Being a Board Member on a Credit Union; seek out a nearby Credit Union and you will be amazed at the service and little if any fees charged by a "Member Owned" organization.
 
I usea cerdit union as well (NFCU)


but they too seem to runa credit check for just about everything. I am unsure if they ever refuse someone in the field of membership but they do check.
 
I believe this is inevitable. I'm guessing folks with "bad credit" tend to have limited resources, and banks really don't want to deal with that clientele even tho' the fees they are more likely to incur are profitable. Larger banks want to steer clients to their ancillary services like portfolio management and estate planning; folks with bad credit are less likely to need either...at least not until they've regained some assets and with that, a better credit standing...

As for me...I gave up dealing with a larger bank (PNC in my case, that had absorbed my smaller local bank) when they jacked their fees. I moved to a CU about 25 years ago and have never looked back, including vehicle loans and even my refi...
 
Use a Credit Union.While I'm no fans of Banks, I'm glad in a way. It will keep people with bad credit out of the banks. I've had people write checks to me knowing that they don't have the funds to cover it. Check Writing will be a thing of the past soon anyway. I might write about 8 checks a year.
 
I usea cerdit union as well (NFCU)


but they too seem to runa credit check for just about everything. I am unsure if they ever refuse someone in the field of membership but they do check.

They do run a check to see if a member has passed numerous bad nsf checks etc. If one comes up with a negative response from the "check systems" ( the company that looks into the members past dealing with a checking account); we won't refuse a checking account but will put a limit and/or hold on their transaction for a trial periods (usually 6 months) until the member proves that have established a stable financial situation.
 
i wonted to coment on this i thank it is impotent to understood that banks now hier risk than ever ben befour and stand to loose lots of money. i thank it is why they now rayquire the credit check becose they wont to be certsain that they are opaning acount for rite person. but just check with credit onion they shoold be able to assest farther thank regular bank.
 
There were banks here doing that a few years ago. I know a couple of people with not so good credit and was denied a checking account.

Also, same here Credit Unions are far less hassle in most cases.
 
BengalsFan24 said:
i wonted to coment on this i thank it is impotent to understood that banks now hier risk than ever ben befour and stand to loose lots of money. i thank it is why they now rayquire the credit check becose they wont to be certsain that they are opaning acount for rite person. but just check with credit onion they shoold be able to assest farther thank regular bank.

I heard that they are going to start running spell check on checking account applications. Watch out! :)
 
We looked into credit unions, but the issue is the closest one to us is about 10 miles

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