checking account?

Question

I need to open a checking account. Would they run a credit report (i have no credit). this would be my first account ever opened. What is it that they are going to do and what are reasons why i wouldn't be approved for a checking account? Im thinking of Chase Bank and Bank of America. Please help!

Answer 1

SCH is dead on with her advice....you dont have to have credit to have a checking account or debit card... but you must pass muster when they look to see if you have stiffed any other banks with NSF fees or written checks on closed accts...

Answer 2

They don't run a credit report, they generally will run what's called a consumer report. This report shows if you have had any losses at different finanical institutions, or reports of abuse (excessive overdraft, etc) or any bounced checks. If not, most institutions just approve you on the spot. If something would prove you've never had an account, or you are very young, they will start you with a student checking. Generally the same thing, but with smaller daily limits, and sometimes less perks (i.e. not as many ATM transactions, etc) but most places it will be fine. Some institutions use a company called ChexSystems to pull these reports, but not all. There are different companies to report to, and I am not sure that Chase uses it, but either way it should be fine they are all essentially the same thing.

Answer 3

They will run you thru the banking equivilant of a "credit report"
which is Chexsystems. This looks for negative bank accounts at other banks. So if you have no bad acconts at other banks you will not have any problems getting an account at one of the banks you mentioned.

Answer 4

IF they run a credit check, they are NOT looking for a credit history. As long as they don't find BAD credit, you will be fine. A history of not paying debt could indicate you may overdraw your account and not cover the overdraft.