Banking Question

[raj2k5]

Hi, good morning.

I was just wondering. When you open a regular chequing/savings account at a Canadian bank, which ones check your credit score? I know that PC financial is notorious for checking, but I also know that Scotia doesn't. Does anyone know which banks do, and which banks don't?

Reason I ask is because I bought a house and was told by the mortgage broker to try hard and avoid any credit checks until after closing (I had 7 in the last month, don't ask). So, now that I'm looking to open a new account, I need to know which banks are "safe" for me. LOL.

Thanks,

Raj

[Jayme_Reid]

Hi, good morning.

I was just wondering. When you open a regular chequing/savings account at a Canadian bank, which ones check your credit score? I know that PC financial is notorious for checking, but I also know that Scotia doesn't. Does anyone know which banks do, and which banks don't?

Reason I ask is because I bought a house and was told by the mortgage broker to try hard and avoid any credit checks until after closing (I had 7 in the last month, don't ask). So, now that I'm looking to open a new account, I need to know which banks are "safe" for me. LOL.

Thanks,

Raj

Most banks will do a soft check if you open a chequing account.

[don242]

Do they even check your credit rating? Unless you get overdraft protection on the account I don't see any reason for them to even check your credit.

[Jayme_Reid]

Do they even check your credit rating? Unless you get overdraft protection on the account I don't see any reason for them to even check your credit.

They check it beacuas eyou could be writting alot of cheques.So they want to see waht your credit rating is.

[controlyar]

When banks check your credit rating, it does not affect your credit score.
The banks have a code that is sent to the credit bureaus which enables them access to determine if you are worthy of overdraft/hold limit, and also tells them they are only checking for bank account purposes.

[pitz]

They also check to protect against identity theft, and, of course, to make sure they are not dealing with an undischarged bankrupt.

[raj2k5]

Thanks for the replies guys. I guess the general consensus is that they all check your credit for one of the above reasons.

<sigh>


I mean I see a point if you're requesting a credit product, but if you're actually going to give them money (savings, investments), I don't get it.

[monty613]

Thanks for the replies guys. I guess the general consensus is that they all check your credit for one of the above reasons.

They're soft credit checks, they shouldn't hurt your credit rating since you're not applying for more credit (LOC, credit card, etc.)

See the following post:

When banks check your credit rating, it does not affect your credit score.
The banks have a code that is sent to the credit bureaus which enables them access to determine if you are worthy of overdraft/hold limit, and also tells them they are only checking for bank account purposes.

[Hellfire]

Yes opening bank accounts is a soft check, as is most pre-approval offers -- note however the pre-approval offers if accepted lead to a hard check.