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I recommended that a friend set up an ING Direct savings account. He replied saying he doesn't have good enough CREDIT! Does that make any sense? Will a bank disallow a savings account due to bad credit?
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No. They will open a savings account without checking credit. -
Uh, but if he has written bad checks, I think his name goes into a pool of "watch out for this guy" names that banks cooperate in assembling. In that case it is possible they will not do checking accounts for him. Perhaps not savings accounts either if they have any kind of limited check writing privileges or debit cards attached."There is some ontological doubt as to whether it may even be possible in principle to nail down these things in the universe we're given to study." --text msg from my kid
"It is easier to build strong children than to repair broken men." --Frederick DouglassComment
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It doesn't seem like they should deny someone, but I agree with Joan that some people have a hard time maintaining accounts and can be a risk to a bank. I say he should try to apply. Worse case...he is denied.My other blog is Your Organized Friend.Comment
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Some people just incorrectly believe that a low credit score stops you from being able to do anything financially.
I think your friend is just misinformed.
(As I used to work for a bank) The only thing we checked was your checking account history. We didn't care what your credit score was... we only cared if you've had a pattern of opening fraudulent accounts or writing hot checks.Comment
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