Personal Finance

New Chequing account only without hard check ?

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  • Apr 11th, 2019 6:29 am
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Apr 7th, 2019 5:46 am
MyNameIsJeff [OP]
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Oct 10, 2018
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Apr 7th, 2019 5:46 am

New Chequing account only without hard check ?

Looking into online or can apply in branch.
Whats the situation right now ?

Just found : CIBC chq a/c if opened online will need a hard check.
But at branch you have to specifically notify the worker that you dont want hard check and deny consent.
Last edited by MyNameIsJeff on Apr 9th, 2019 3:09 pm, edited 1 time in total.
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Apr 7th, 2019 9:06 am
Cupuacu
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Jan 10, 2017
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Apr 7th, 2019 9:06 am

There's no hard checks associated with opening a new chequing account
Apr 9th, 2019 6:31 am
titaniumtux
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Apr 9th, 2019 6:31 am

Hard pull for new account holder at:
  • Simplii
  • Motive
  • Motusbank (??)
  • DUCA

I think Tang is a softie.
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Apr 9th, 2019 12:31 pm
Shadow Rider
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Apr 9th, 2019 12:31 pm

titaniumtux wrote: ↑ Hard pull for new account holder at:
  • Simplii
  • Motive
  • Motusbank (??)
  • DUCA

I think Tang is a softie.
Is there something I'm not getting? Why are these banks doing hard pulls? No one's borrowing money from them, what do they care.
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Apr 9th, 2019 12:32 pm
martydxb
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Apr 9th, 2019 12:32 pm

titaniumtux wrote: ↑ Hard pull for new account holder at:
  • Simplii
  • Motive
  • Motusbank (??)
  • DUCA

I think Tang is a softie.
If it helps, Tangerine, cheq (without overdraft) and savings account opening was a soft check for me when I opened the account years ago.
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Apr 9th, 2019 12:33 pm
martydxb
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Apr 9th, 2019 12:33 pm

Shadow Rider wrote: ↑ Is there something I'm not getting? Why are these banks doing hard pulls? No one's borrowing money from them, what do they care.
This is my pet peeve! I dont get how they get to be careless like this. The the general use for a credit check is to evaluate and log requests for credit. Its lame how some banks get away with this.
Apr 9th, 2019 3:00 pm
titaniumtux
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Apr 9th, 2019 3:00 pm

Shadow Rider wrote: ↑ Is there something I'm not getting? Why are these banks doing hard pulls? No one's borrowing money from them, what do they care.
martydxb wrote: ↑ This is my pet peeve! I dont get how they get to be careless like this. The the general use for a credit check is to evaluate and log requests for credit. Its lame how some banks get away with this.
+1

Mind you FWIW, those FI's justify chq accounts as accounts with more fees, and potentially overdraft. Overdraft is a credit approval.

But ya, I don't endorse HP's for chq accounts.
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Apr 9th, 2019 9:21 pm
FoFai2015
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Apr 9th, 2019 9:21 pm

martydxb wrote: ↑ This is my pet peeve! I dont get how they get to be careless like this. The the general use for a credit check is to evaluate and log requests for credit. Its lame how some banks get away with this.
A higher credit score means you get a higher immediate cheque release limit and (usually) can withdraw more cash from an ATM. It may also have an impact on your Interac limit. You can refuse a credit check, but you'll have lower limits.
Apr 10th, 2019 5:58 am
martydxb
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Apr 10th, 2019 5:58 am

FoFai2015 wrote: ↑ A higher credit score means you get a higher immediate cheque release limit and (usually) can withdraw more cash from an ATM. It may also have an impact on your Interac limit. You can refuse a credit check, but you'll have lower limits.
These Banks mentioned earlier in the thread do not leave the option for not allowing a hard inquiry such as simplii
Apr 10th, 2019 6:03 am
titaniumtux
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Apr 10th, 2019 6:03 am

martydxb wrote: ↑ These Banks mentioned earlier in the thread do not leave the option for not allowing a hard inquiry such as simplii
Depends. Most subbies (aside Tang) won't budge without a HP. But, big banks will likely accept opening an account and skipping the HP, which will result in lower deposit limits.
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Apr 11th, 2019 6:29 am
FoFai2015
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Apr 11th, 2019 6:29 am

martydxb wrote: ↑ These Banks mentioned earlier in the thread do not leave the option for not allowing a hard inquiry such as simplii
That doesn't sound legal. There have been a few court cases over "requirements" for credit checks.
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