Why does a bank need to run my credit for an online high interest savings account?
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Anonymous
| I'm giving them my money not taking anything from them, or getting credit from them, why would they need to run a full credit report even when my credit score is very high? It's just a savings account. |
Anonymous
|
to comply with federal regulations aimed at preventing fraud and financial crimes.
You could be money-laundering |
Anonymous
Thank you. I didn't think about that! |
Anonymous
Clueless about this. How would a credit report help that for this situation? |
Anonymous
Iits unlikely they are running a credit report. They are verifying your identity, and easiest way to do that is through confirming info against your credit profile. https://en.m.wikipedia.org/wiki/Know_your_customer |
Anonymous
| Because the bank doesn't want to be hassled with liens and judgments etc.. If you have crappy credit, the likelihood is higher that someone will sue you, win and then try to seize your accounts. The bank doesn't want to incur that cost or that headache. |
Anonymous
No that's incorrect. The reason is discussed above- federal banking regulations called "Know Your Customer" |
Anonymous
Did they say they were running your credit or just verifying your credit information. They need to comply with AML/CFT/KYC guidelines, and verify who you are, but that's not the same thing as a full credit pull (as far as I know). |
Anonymous
| This will be more of a “soft” credit check. |