Needs to check credit to open new account with PC bank.....??
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Posted on: 23-09-08 21:00:50
Hi all,
Today i went to open new account with PC with my wife. Black lady who was looking after us she told us that if i am going to open new Chaquing and Saving account with PC than they will check my credit by Credit deptt.
We both didn't agreed to check our credit than she argued and told us each and every bank checking credits when you are going to open new account with bank.
I wondered and i told that lady if i am NOT agreed to check my and my wife credit than still i am able to open account or Not? She replied me yes you can but you can withdraw only $200 per day and if you deposit chaque than that money you can use after 7 business days. If you are agreed to check your credit that you can do unlimited acess means you can withdraw whatever amount you want.
Is it really needs to check credit to open a new account?
IF they will check our credit......our score will go down with how much percentage?
Some of my friends told me is not require to check credit to open new account.
please advice me as i confused on this stage. right now i told that lady let me clear my concept and i will come again to open an account.
Your feedback regarding this will help me a lot to take a decision..
Thanks in advance..
Hi RBO !
I have no experience with PC financial . I understand that most of the people opt PC financial to avail free banking . I am not sure if you are aware of the fact that most of the big name banks also offer free unlimited banking provided you maintain min balance of $ 1000 ( I understand that it might not be comfirtable for many of us ) . I try and maintain this amount in Scotia . I had gone under limit several times but I was never being charged . Hope it helps you a little .
Ashwani
P.S: Cheques are still at a price in Scotia versus PC financial .
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Hi RBO : They do require to check soft credit which means confirming your name address that you provided with your information already in credit bureau.
Acc opening needs credit check and mostly verification through 2 ID is mandatry in banks now
Yes, all the banks do credit check while opening the account. I don't think even after credit check, they will allow you to withdraw unlimited amount. They will still hold your money for around 5 business days for large amount (they may not hold for small amount) - see rip-off CD thread.
It might be possible to open without credit check, as they do open accounts of new immigrants on day-one.
Why you are worried about credit check. Do you plan to take mortgage in next few months. If not, do not worry about credit check and open the account.
Quote:
Originally posted by RBO
Hi all,
Today i went to open new account with PC with my wife. Black lady who was looking after us she told us that if i am going to open new Chaquing and Saving account with PC than they will check my credit by Credit deptt.
We both didn't agreed to check our credit than she argued and told us each and every bank checking credits when you are going to open new account with bank.
I wondered and i told that lady if i am NOT agreed to check my and my wife credit than still i am able to open account or Not? She replied me yes you can but you can withdraw only $200 per day and if you deposit chaque than that money you can use after 7 business days. If you are agreed to check your credit that you can do unlimited acess means you can withdraw whatever amount you want.
Is it really needs to check credit to open a new account?
IF they will check our credit......our score will go down with how much percentage?
Some of my friends told me is not require to check credit to open new account.
please advice me as i confused on this stage. right now i told that lady let me clear my concept and i will come again to open an account.
Your feedback regarding this will help me a lot to take a decision..
Thanks in advance..
Quote:One single credit check will have negligible effect on your overall credit score.
Originally posted by RBO
IF they will check our credit......our score will go down with how much percentage?
It's only when there are a large number of inquiries within a short time frame that you begin to see a reduction in the score.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:
I wondered and i told that lady if i am NOT agreed to check my and my wife credit than still i am able to open account or Not? She replied me yes you can but you can withdraw only $200 per day and if you deposit chaque than that money you can use after 7 business days. If you are agreed to check your credit that you can do unlimited acess means you can withdraw whatever amount you want.
even after credit check, u can withdraw only $500 per day max. There is a hold period of 5 biz days as well. After 6 months of opening the a/c, you can increase the daily limit to >$500 - not sure what the new limit will be, I never asked for it.
Quote:
I am not sure if you are aware of the fact that most of the big name banks also offer free unlimited banking provided you maintain min balance of $ 1000 ( I understand that it might not be comfirtable for many of us )
$1000 in a regular savings a/c will fetch 3% interest = $30 per year or $2.5 per month. So, really it is not all 'free' + you need to maintain the $1000 + there is a limit on transactions (10-15 per month, based on bank). With all credit card, utilities, mortgage etc. payments, I easily exceed the 15 transaction limit, and so, PC is a better choice.
