There are certain accounts that state, in order to be opened, you cannot already gave an account with another bank. If someone did not declare to that bank that they already had an account, can the new bank check if you have an account already, or is it based solely on your declaration that you do not?
Thank you.
2007-08-25 14:27:29 · 14 answers · asked by Paul M 4 in Business & Finance ➔ Personal Finance
credit report will pull up all open accounts nationwide, plus all recent inquiries.
oh
2007-08-25 14:32:00 · answer #1 · answered by Spock (rhp) 7 · 2⤊ 1⤋
The above answer seems to be about the US.
In the UK banks share information and anyway when you open a bank account you will be credit checked - this will reveal any and all accounts you have had in the last 6 years.
Most current accounts require you to pay your salary into that account (sometimes there is a minimum e.g. 1500 per month for you to qualify for the account benefits). Therefore it would have to be your only account.
However if you open a basic account with no credit cards or overdrafts you shouldn't have a problem unless you have been convicted of fraud.
2007-08-25 19:49:42 · answer #2 · answered by Johnny 7 · 0⤊ 0⤋
With the latest anti terrorist and money laundering legislation, if you want to open a new bank account any existing accounts will appear on the system. They will do this search whether or not you want credit. The ex banker is right. That is how it works in the UK, but I'm not sure about anywhere else.
Further as of July last year, most foreign accounts will show as well. Countries, including Switzerland, have signed to the agreement that says all accounts are now named as well as numbered, and all interest earned on that account will be notified to the tax authorities in the country of residence.
Big Brother has arrived Big Time
2007-08-25 14:37:12 · answer #3 · answered by trouble_906 4 · 0⤊ 0⤋
UK banks do "talk".
Their financial crime units, have lists of people etc to watch for who are suspected of money crime.
It may be official or unofficial, but banks most certainly DO check! If they didn't you could go from bank A to B to C to D etc. and end up with overdrafts with every bank, and acting like you had lots of money. These systems are in place to prevent people such stupid things. But say you tried to open an account with NatWest, checks are made across the entire RBS Group (ie Ulster RBS, NatWest, TEsco Personal Finance, Coutts etc) to make sure you ain't got dodgy dealings anywhere else!
Also, it is to prevent you going round opening accounts to get opening deals! Most new accounts stipulate you must deposit XX GBP per month and you must use the account as your main account blah blah.
The bank will know whether or not you are using the account as you main account from activity on it.
As a matter of interest why specifically are you asking, you are being very vague!
2007-08-25 23:49:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, all banks and credit cards give you a credit rating based on your history with them. If you do not declare other accounts when asked and they find out then that comes under FRAUD ie obtaining goods or services by deception and is punishable by imprisonment.
All banks check credit ratings by name or address and they don't need your permission to check it as it is in the small print of most accounts that applying for an account is automatically acceptance of their terms and conditions.
Pays to read the small print.
2007-08-25 14:47:59 · answer #5 · answered by baloo13 2 · 0⤊ 0⤋
WTF is everyone talking about? Bank deposit accounts (checking and savings) ARE NOT recorded on credit report. Only credit accounts are (and if you apply for an overdraft line of credit with a checking account, then it will show up in there).
There is ChexSystems (Google it) which is supposed to be sort-of like a credit report but for bank accounts, but it's a lot less inclusive than a credit report.
Anyway, I've never heard of a bank account that had a condition to not have another bank account (in the U.S.) If it's somehow related to government requirements (like qualifying for a welfare), then you need to worry about the gov. having the info, and I believe they do (IRS certainly does know about all interest-bearing accounts).
2007-08-25 16:25:31 · answer #6 · answered by olegos 3 · 0⤊ 0⤋
the only time the account with another bank appears in your credit report is if you have a loan or credit card with the bank.
the fact you have a bank account with a bank does not show on your credit report.
and just as a matters of interest you can open as many bank accounts as you wish in the UK
2007-08-26 00:37:32 · answer #7 · answered by Anonymous · 0⤊ 0⤋
No. The bank secrecy law does not allow that unless the depositor declared the same.
2007-08-25 15:47:58 · answer #8 · answered by Precious Stone 1 · 0⤊ 0⤋
If you give the new bank permission to do a credit report (such as, you are planning on taking out a mortgage or line of credit), they will see it on your credit report. Otherwise, I don't think they'd have a way to know. I think it might just be a general disclaimer as to prevent you from going to their competition.
2007-08-25 14:32:31 · answer #9 · answered by Lunar Sarah 4 · 0⤊ 1⤋
Follow Spock(rhp)
2007-08-26 00:18:59 · answer #10 · answered by JOHN R 4 · 0⤊ 0⤋
I don't know if you are Brit or a Yank....in the States you can have as many accounts as you want to in as many banks as you have money to deposit.
I don't know about British rules.
.
2007-08-25 14:36:28 · answer #11 · answered by Anonymous · 1⤊ 0⤋