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City National

The last post in this topic was posted 2523 days ago. 

 

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City National Bank (the one headquartered in Los Angeles) pulled Experian when I applied for a Visa card.

 

Also, with this bank, I believe you already need to be a customer (checking/savings) to apply. They don't have online applications. You need to contact them to apply.

Edited by Burgerwars

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Thank you, yes for their Visa, I live in La and would like to establish relashionship with them, they are high net woth bankers as I was reading on Hedges post, would like to know any insight into them .

Thanks.

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The only other account I have with them is an online checking account ($1,000 minimum balance to avoid a monthly fee). Their other checking accounts have high minimums to avoid a fee. They are into relationship banking, higher net worth clients, and are kind of known as the-bank-of-the-stars. That's more with their Beverly Hills branch. My branch is in Chatsworth. They're more into "average" customers. That said, they do email me once in a while to talk about my finances. I think they know my entire worth isn't in just the online checking I have with them. Actually they do know, since the credit card application asks about your net worth.

 

When I applied for the Visa (the no annual fee platinum card) it did go through my branch who then submitted it to their credit department that is at their downtown L.A. headquarters. They gave me a 25K credit line. This isn't because I'm some movie star, that I'm not, but is probably because of my good credit. When I did open my checking account, I also had to go into the branch to verify my ID. They have trouble doing that if you open a checking online.

 

Anyway, when I win the lottery I'll get together with them. In the meantime it will be these two accounts, and maybe another savings.

Edited by Burgerwars

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They can also collateralize any of their Visa Cards too

Edited by dvd

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I think they're referring to a credit card secured by another deposit account. Maybe City National Bank lets you have a card secured by other assets. If you have decent credit/income/assets I don't see why one would bother. Just get a credit card the regular way.

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Can you elaborate DVD?

 

If for some reason you dont qualify for a unsecured card or you want a really high credit line, you can collarderlize the card with your asstes held at CNB. You will also be able get any of the three Visa cards they offer.

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One more thing about CNB: I had to fill out a paper application for the credit card, but before that I applied for a checking account online. They then mailed me a letter saying they were sorry that they are unable to open a checking account, and thanked me for my interest in this bank. No explanation why they didn't want me as a customer. I then called them. They said I just had to go to a branch so they can verify my ID. They should have just said that in the letter, and not let me thinking that I don't qualify for an account.

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I manage several account with CNB, all of which are on analysis for our firm. In terms of relationship banking, they are definitely great to work with if you have finances that warrant that relationship. For the average consumer (think broad definition of average here), there are better places to look in terms of establishing credit. As a matter of fact, I just closed a few cards held at CNB at the request of a client who saw no use for them. The rewards are average at best and online banking can be a bit cumbersome.

 

I can also vouch for the ability to collateralize any of their products. Several of my clients have done this with both cards and LOCs using CDs, etc as security on the accounts. They do also offer some pretty great LOC rates.

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