Anonymous
Post 07/28/2025 11:43     Subject: Why does a bank need to run my credit for an online high interest savings account?
This will be more of a “soft” credit check.
Anonymous
Post 07/28/2025 11:37     Subject: Why does a bank need to run my credit for an online high interest savings account?
Anonymous wrote: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.


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
Post 07/28/2025 08:15     Subject: Why does a bank need to run my credit for an online high interest savings account?
Anonymous wrote: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.


No that's incorrect. The reason is discussed above- federal banking regulations called "Know Your Customer"
Anonymous
Post 07/28/2025 07:45     Subject: Why does a bank need to run my credit for an online high interest savings account?
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
Post 07/26/2025 19:09     Subject: Why does a bank need to run my credit for an online high interest savings account?
Anonymous wrote:
Anonymous wrote:to comply with federal regulations aimed at preventing fraud and financial crimes.

You could be money-laundering


Clueless about this. How would a credit report help that for this situation?


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
Post 07/26/2025 18:42     Subject: Why does a bank need to run my credit for an online high interest savings account?
Anonymous wrote:to comply with federal regulations aimed at preventing fraud and financial crimes.

You could be money-laundering


Clueless about this. How would a credit report help that for this situation?
Anonymous
Post 07/26/2025 11:33     Subject: Why does a bank need to run my credit for an online high interest savings account?
Anonymous wrote:to comply with federal regulations aimed at preventing fraud and financial crimes.

You could be money-laundering


Thank you. I didn't think about that!
Anonymous
Post 07/26/2025 11:28     Subject: Why does a bank need to run my credit for an online high interest savings account?
to comply with federal regulations aimed at preventing fraud and financial crimes.

You could be money-laundering
Anonymous
Post 07/26/2025 11:22     Subject: Why does a bank need to run my credit for an online high interest savings account?
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.