Wells Fargo--Hard INQ for Savings Account

[copagirl]

Hopefully someone else can learn from my BAD experience...

 

I have had a 10-year banking relationship with Wells Fargo (checking only). I decided to open up a high-yield savings account yesterday and transferred a large sum of cash to the new account.

 

I spoke for quite awhile with the "Personal Banker" at my branch, and she also told me I was pre-approved for a Visa...yadda yadda. I told her that I'm closing on a house next month and didn't want to open any new TL's at this time.

 

All was well until I did my daily TC pull last night and found out that Wells Fargo did a HARD INQUIRY on Equifax for a stinking savings account!!! I was livid and called the branch this morning. The banker said that they always pull Chex Systems and Equifax for any new account, thought she thought it would only be a soft pull.

 

I told her if the inquiry is not off my CR by the close of business Monday, I'm closing both of my accounts with WF and they'll never see me again!!

 

Moral of the story.......ASK BEFORE YOU OPEN ANY ACCOUNT WITH A BANK IF THEY DO A HARD PULL!!

 

Man, I feel stupid

[Guest Chase in the Citi]

Yup, lots of banks are doing the hard inquiry thing these days - I was so pissed when I found out that a local bank did that to me! The story that I am told by a few different banks is that the inquiry is due to the Patriot Act!

I opened an account at a local CU yesterday and they even pulled a hard!

 

FWIW, I took George's advice and disputed an inquiry with EQ as "I have never applied for, or ever had credit with this institution." It was deleted.

 

Others have posted that banks like ING do not do a hard.

 

Pissed, is not the word for this kind of garbage! I have a few other words but I don't want to get banned from the board.

 

A HARD FOR A SAVINGS ACCOUNT IS BS! For me to allow you to keep MY money ?

 

~Chase

[acesup10163]

They told me I was preapproved for the Visa, too, but I don't need another hard. WF pulled hard when I opened checking in 7/04.

[poeism13]

I hear ya, over here. I applied for a BofA checking acct, a Citi checking acct, and opened savings accts to join Patelco and Meadows CU this week. There are now 3 hards from BofA, and one each from Citi, Patelco, and Meadows. SUCKS!!! is all I have to say.

[SevenYearItch]

I reported a similar experience a few months ago:

http://creditboards.com/forums/index.php?s...6entry1139556

 

The lady that opened my accounts claimed there wouldn't be any hard inquiries. Yeah, right.

 

Thanks to "B," it's gone from TU now.

[lorcan]

Join the club. I opened a secured account with WF and they pulled two hards on EX and one on EQ and TU. The extra one on EX was for the savings account that secured my CC. I fought them and got it off. I opened a semi secured with BofA. Guess what, same thing. I called them and they also told me they have to pull hards from at least two CRAs to open a savings or checking because of the Patriot Act. This is definite BS. I went to the branch to see if the person who helped me apply for the card would help me. She said she would but I haven't had time to go back and pursue it. They told me I need a letter from the bank and the lady at the bank says they have not typewriters at the bank because they don't want them writing any letters. It gets really inconvenient to keep fighting on each inquiry!

[Guest Chase in the Citi]

They told me I need a letter from the bank and the lady at the bank says they have not typewriters at the bank because they don't want them writing any letters.

 

What a crock! whoever told you that needs to get the dumb award of the month. No typewriters, sure but I bet if they need to write a letter on their behalf they sure would have a way of doing so.

 

If I were having a bad day, a typewriter might just make it's way through the banks front window LMAO grrrrr

 

~Chase

[Peekaboo]

I would tell her to go ahead and dictate the letter to me over the phone (or send it to you via email attachment), print it out and take it there for her siggy

[TJ Girl]

I had a checking account with Wells Fargo for a long time, opened a savings about a year ago. No hard.

Opened Emigrant Direct savings a few months ago. No hard.

Opened HSBC savings about a month ago. No hard.

Opened a second Ameritrade brokerage account in December. No hard.

Joined my local credit union today ($25 in the savings account). Hard.

 

There doesn't seem to be any logic to it.

[copagirl]

WHY don't these banks tell us that they're going to pull a hard?? Is it that the branch workers don't know, or do they fail to tell us because they're afraid we won't open the account after all?

 

I just don't understand...especially with SAVINGS accounts!

[TJ Girl]

WHY don't these banks tell us that they're going to pull a hard?? Is it that the branch workers don't know, or do they fail to tell us because they're afraid we won't open the account after all?

 

I just don't understand...especially with SAVINGS accounts!

In the case of my credit union, I think the guy had no idea. He said "let me get a verification", called a phone number, gave my name and SSN, and the said something like "good" and hung up. From his point of view, whatever happened on the other side of the line was probably magic.

[ouray]

I'm so sorry to read about the bad experience you had . I opened at WF checking n saving accounts in 8/05 and they pulled EX soft. three months later they pulled EX hard for my secured CC with them. maybe things changed lately, so far my experience with them was good.

[Bruski]

FWIW, I took George's advice and disputed an inquiry with EQ as "I have never applied for, or ever had credit with this institution." It was deleted.

 

I applied for a WF checking account and they did a hard pull to with Experian!

 

Do yo have a copy of this dispute injuiry letter you can share, so I can get this hard pull off my account to?

Thanks

[luxusmonk]

Had a similar experience when I transferred my bank account from TX to Ca......Was told no hard after I specifically asked...found out later BOA did pull a hard

 

Since they pulled my credit anyhow decided to see if they would consider a CC based on that inquiry...they said no,unless I wanted a new one.....

 

It's part of the patriot's act,but it is coded differentely ( banking ) so if there's a manual review it shouldn't matter too much......

[Guest Chase in the Citi]

 

 

FWIW, I took George's advice and disputed an inquiry with EQ as "I have never applied for, or ever had credit with this institution." It was deleted.

 

I applied for a WF checking account and they did a hard pull to with Experian!

 

Do yo have a copy of this dispute injuiry letter you can share, so I can get this hard pull off my account to?

Thanks

 

I did something I don't normally do - Over the phone. I was verrry nice and naive sounding, I told the csr "I did not apply for credit, nor have I ever had credit with xxx bank." She said it would go through the dispute process, and about 2 weeks in it was deleted.

 

~Chase

[NoBull]

Hopefully someone else can learn from my BAD experience...

 

I have had a 10-year banking relationship with Wells Fargo (checking only). I decided to open up a high-yield savings account yesterday and transferred a large sum of cash to the new account.

 

I spoke for quite awhile with the "Personal Banker" at my branch, and she also told me I was pre-approved for a Visa...yadda yadda. I told her that I'm closing on a house next month and didn't want to open any new TL's at this time.

 

All was well until I did my daily TC pull last night and found out that Wells Fargo did a HARD INQUIRY on Equifax for a stinking savings account!!! I was livid and called the branch this morning. The banker said that they always pull Chex Systems and Equifax for any new account, thought she thought it would only be a soft pull.

 

I told her if the inquiry is not off my CR by the close of business Monday, I'm closing both of my accounts with WF and they'll never see me again!!

 

Moral of the story.......ASK BEFORE YOU OPEN ANY ACCOUNT WITH A BANK IF THEY DO A HARD PULL!!

 

Man, I feel stupid

I have been with WF since 1987...(was with First Interstate until the acquisition in 1996), but, obviously, my account reflects this VERY long standing. I was practically in diapers when I got it.

 

I do not find WF competitive at all. They charge $6.95 for bill pay if you don't keep a certain amount in their bank, and, quite frankly, I have plenty of other places to keep the money that pay alot better.

 

I find their WF Plat Visa to be a joke. I only use it for overdraft protection.

 

There is no way to file a complaint online...They only accept SNAIL MAIL. (I suppose I can try PFB).

 

I told my Personal Banker that the only thing keeping me at WF is my long-standing with them...but that is about to go out the window. They do not reward longevity. I am sick of WF.

[NoBull]

(Sorry for the rant above...just pointing out that their offerings are often not competitive, and, if you are going to incur a hard, you're better off going to B of A.)

 

BTW, my WF branch here in Marina del Rey truly stinks. No matter what time of day you go in there...no matter how many people are in line...you always end up waiting at least 15 minutes for a teller. A few months ago, I was checking out a local storage facility where I could store some of my business's papers, etc., and the woman there, when I called to set up an appointment, told me she was going to the bank and she had no idea what time she would get back because it is always an ordeal at her bank. I asked her, "Do you bank at WF on Washington?" She chuckled. They are the biggest joke around here.

[NoBull]

I would be so pissed.

 

I would not believe one of those Personal Bankers if their tongues came notarized.

[ekwii]

I got a hard from BofA on my EX file when I opened an account with them in December after the csr told me several times that it would be a soft. Well, I insisted they soft code it, or else...

 

Long story short, it got taken care of just this week.

 

I personally think that the Patriot Act curtain behind which they are hiding is one of the most bogus excuses to pull ones report. They're supposed to be checking people's background with the dept of Treasury for suspicious monetary activities. Not pulling credit files with the CRAs.

Edited February 11, 2006 by ekwii

[NoBull]

As much as I hate to admit it...

 

I opened an HSBC Direct savings account, due to the high APY, and there was no hard pull.

 

ING Direct does not do a hard pull either.

 

Brick-and-mortar banks are non-competitive.

 

If they say they need to pull a hard to check creditworthiness (or some nonsense about money laundering concerns, etc.), then how come these other banks don't have the same need?

[ficowarrior]

As much as I hate to admit it...

 

I opened an HSBC Direct savings account, due to the high APY, and there was no hard pull.

 

ING Direct does not do a hard pull either.

 

Brick-and-mortar banks are non-competitive.

 

If they say they need to pull a hard to check creditworthiness (or some nonsense about money laundering concerns, etc.), then how come these other banks don't have the same need?

 

I had checking account with Citi and when i open a money market account they pull a hard on my CR. Wells Fargo pull a hard on me too when i open a saving account, i already have a checking account with them. Later on i find out both wells fargo and citi pull hard inquiries when i first open the checking account with them in 2004. Bad experience. I send email to citi thru PTF last month, waiting to hear back from them.

[Guest Chase in the Citi]

If they say they need to pull a hard to check creditworthiness (or some nonsense about money laundering concerns, etc.), then how come these other banks don't have the same need?

 

Exactly --

 

 

~Chase

[lorcan]

No Bull, I will remember to stay out of that WF branch in the Marina. BTW, I have checking with Washington Mutual and no hard. Another local bank, no hard. But I think this new thing with the Patriot Act just started recently. If I had known I would never have opened my BofA account. I have to make a stink in the bank to get this one off but, never one to shy away from a good battle if I believe I'm right, I know I will get this one taken care of. I did it with WF so why should BofA get away with it.

[buckmej]

I'm a Wells Fargo employee and they gave me 3-4 hard inquiries for accounts they pressured me to open when hired. One for direct deposit reasons and a savings account and another one I can't tell what it was for.

[NoBull]

No Bull, I will remember to stay out of that WF branch in the Marina. BTW, I have checking with Washington Mutual and no hard. Another local bank, no hard. But I think this new thing with the Patriot Act just started recently. If I had known I would never have opened my BofA account. I have to make a stink in the bank to get this one off but, never one to shy away from a good battle if I believe I'm right, I know I will get this one taken care of. I did it with WF so why should BofA get away with it.

 

Go get 'em, lorcan!

 

The WF in the Marina certainly does stink! Very poorly run. There are never any deposit envelopes in the drive-thru lane...the tellers are slow and understaffed...You could die of old age before you could ever get to speak to a Personal Banker...

 

It took 1 hour and 3 different people to figure out how to link my checking account to my Visa Platinum card back in 2004...