Here's how banks check your credit when you apply to open a checking or savings account (2024)

FAQs

Here's how banks check your credit when you apply to open a checking or savings account? ›

Potential account holders might be screened through a reporting agency called ChexSystems, which pulls your checking and savings account history similar to the way your credit history is pulled for your credit report.

You don't need a credit score to open a bank account because banks don't check your credit when you apply for an account. Instead, they'll take a look at your ChexSystems report, which contains information about your banking history.

Opening a savings account does not impact your credit score because you aren't borrowing money and the activity in your savings account isn't reported to a credit agency. Most financial institutions will run a soft credit inquiry when you open a savings account but it is only to check your identity.

Information U.S. Bank Could Check Before You Open a Deposit Account. While U.S. Bank doesn't require a specific credit score to open an account, they will likely check to see if you have an existing ChexSystems report. ChexSystems is like the credit reporting agencies, but for bank accounts.

You don't need a certain credit score to open a Chase checking or savings account, as there is no credit score requirement. Chase does not require a credit score for these accounts because they are deposit accounts, not loans or lines of credit.

Such negative activities that show up on your report and hurt your approval chances include bouncing checks, leaving an overdraft balance unpaid, abusing a debit card or applying for too many accounts in a short period of time, according to credit bureau Experian.

Most of the time, opening a checking account does not affect your credit score. If the bank pulls your credit before opening your account, it will likely make a soft inquiry. The bank could make a hard inquiry, which would lower your score slightly, but that's unusual.

You can open an account without having to go through a credit check. No credit check bank accounts typically have low fees or no fees at all.

Don't worry—while it can be more difficult, it is not impossible to get approved for a new bank account with bad credit. A bad credit score is considered a VantageScore^® of 600 or lower and a FICO^® score of 670 or lower.

You don't need a certain credit score to open a Wells Fargo checking or savings account, as there is no credit score requirement. Wells Fargo does not require a credit score for these accounts because they are deposit accounts, not loans or lines of credit.

Does PNC bank do a credit check to open a checking account? ›

You don't need a certain credit score to open a PNC checking, savings or money market account, as there is no credit score requirement. PNC does not require a credit score for these accounts because they are deposit accounts, not loans or lines of credit.

Bottom Line. The primary reasons people can't open a bank account are negative items on a ChexSystems or Early Warning Services report, errors on the reports or bad credit. If your bank account application is denied, find out why.

ChexSystems is a reporting agency that banks use to track people who have had issues with their bank account. ChexSystems retains consumer records for up to five years. Second-chance checking accounts are an option for people who otherwise can't get a bank account.

You'll need the following information: Your Social Security number. A valid, government-issued photo ID like a driver's license, passport or state or military ID. A minimum opening deposit of $25 to activate your account (once you've been approved).

Checking Accounts and Credit Scores

Your checking account usually has no impact on your credit score. Normal day-to-day use of your checking account, such as making deposits, writing checks, withdrawing funds, or transferring money to other accounts, does not appear on your credit report.

Under the Fair Credit Reporting Act, a bank can obtain a consumer report if it has a "permissible purpose," which may include the following: Credit transactions. Review or collection of an account. Opening a deposit or savings account.