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EveryBankBonus - No, don't open them all.

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Posted (edited)

I saw the below link advertised on Facebook. They're giving people the impression you can go hog-wild, opening a bunch of bank accounts at once, with no repercussions. As someone that got burned by this years ago, that's the farthest from the truth. We know here about ChexSystems and EWS. Space out applying. I've been OK for the past five years, but I learned the hard way you can't apply for everything. Not even close.




Edited by Burgerwars

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Posted (edited)
17 hours ago, smartlypretty said:

I've noticed churning blogs post several available bank bonuses daily, and I was wondering if that was problematic in that way.

Banks can check CheckSystems and EWS (Early Warning), and see what new checking/savings accounts you've applied for, and how you're handling them.  Five years ago I was literally kicked-out of a bank branch because they saw I applied for a couple other checking accounts in the past six months.  It wasn't a pleasant experience.  Banks have been known to close customers' accounts if they opened another account elsewhere shortly thereafter.  There's a service by Chex that notifies banks you have opened accounts with about this.  Banks, and even credit unions, are a suspicious bunch.  They get nervous about this, may suspect fraud, or just don't want to deal with customers chasing new account bonuses.  That said, I do have plenty accounts myself, but I do not push it by doing foolish things this website is suggesting.   On the credit forum, many say inquiries don't matter.  That is probably true there, as long as you're not doing something crazy in the applying department.  With Chex and EWS, banks do count them.  Some banks might not care if you applied for a few other accounts in the past six to 12 months.   Others won't touch you with a 10 foot pole.

Edited by Burgerwars

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