Denied checking accounts at multiple banks

[masscredit]

Recently I got the idea to take advange of some checking account sign on offers. I researched a bunch of banks and started opening accounts. This was actually benefical because I'm going to maintain relationships with a number of them. Especially when they offers savings accounts at close to 5%. Yup, I moved some money!  Anyway, I was surprised when I got denied by a number of banks. They are -

Bank Hometown

Bank of America

Citizens

Santander

Chase

M&T

BMO

I received a letter from BoA. It shows a deposit account score of 715 . It lists the key factors that adverserly affected my score as -

The number of different banks inquiring during the past year

The maximum number of days the consumer has had an open account(s)

It kind of sounds like this is a version of too many inquiries. Never knew it existed for checking accounts.

[cashorcharge]

That's exactly why you were denied....they are pulling your Chexsystems report...you can request a free copy like you can your credit report...and many/most banks will pull that prior to opening an account.   Liken it to applying to too many credit cards and banks seeing too many recent inquires or new accounts reporting and they too will deny you for credit.  With credit at least, there's some variations in which CB banks will pull so not all banks will see all inquires....but checking/savings accounts...they mostly all go to 1 source.  

Bank Account Spree = BAD 

[masscredit]

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@cashorcharge wrote:

That's exactly why you were denied....they are pulling your Chexsystems report...you can request a free copy like you can your credit report...and many/most banks will pull that prior to opening an account.   Liken it to applying to too many credit cards and banks seeing too many recent inquires or new accounts reporting and they too will deny you for credit.  With credit at least, there's some variations in which CB banks will pull so not all banks will see all inquires....but checking/savings accounts...they mostly all go to 1 source.  

Bank Account Spree = BAD 

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How old do the new accounts have to be before they don't matter anymore?

[cashorcharge]

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@masscredit wrote:

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@cashorcharge wrote:

That's exactly why you were denied....they are pulling your Chexsystems report...you can request a free copy like you can your credit report...and many/most banks will pull that prior to opening an account.   Liken it to applying to too many credit cards and banks seeing too many recent inquires or new accounts reporting and they too will deny you for credit.  With credit at least, there's some variations in which CB banks will pull so not all banks will see all inquires....but checking/savings accounts...they mostly all go to 1 source.  

Bank Account Spree = BAD 

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How old do the new accounts have to be before they don't matter anymore?

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That's really a bank specific thing...and I haven't seen a lot of data points on here like you do for Credit Card Applications/Timing...my guess would be just that...a guess

[SouthJamaica]

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@masscredit wrote:

Recently I got the idea to take advange of some checking account sign on offers. I researched a bunch of banks and started opening accounts. This was actually benefical because I'm going to maintain relationships with a number of them. Especially when they offers savings accounts at close to 5%. Yup, I moved some money!  Anyway, I was surprised when I got denied by a number of banks. They are -

Bank Hometown

Bank of America

Citizens

Santander

Chase

M&T

BMO

I received a letter from BoA. It shows a deposit account score of 715 . It lists the key factors that adverserly affected my score as -

The number of different banks inquiring during the past year

The maximum number of days the consumer has had an open account(s)

It kind of sounds like this is a version of too many inquiries. Never knew it existed for checking accounts.

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Yes it does.

[SouthJamaica]

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@masscredit wrote:

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@cashorcharge wrote:

That's exactly why you were denied....they are pulling your Chexsystems report...you can request a free copy like you can your credit report...and many/most banks will pull that prior to opening an account.   Liken it to applying to too many credit cards and banks seeing too many recent inquires or new accounts reporting and they too will deny you for credit.  With credit at least, there's some variations in which CB banks will pull so not all banks will see all inquires....but checking/savings accounts...they mostly all go to 1 source.  

Bank Account Spree = BAD 

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How old do the new accounts have to be before they don't matter anymore?

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It is believed by many to require a minimum 3-month hiatus between new accounts.

[GZG]

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@masscredit wrote:

Recently I got the idea to take advange of some checking account sign on offers. I researched a bunch of banks and started opening accounts. This was actually benefical because I'm going to maintain relationships with a number of them. Especially when they offers savings accounts at close to 5%. Yup, I moved some money!  Anyway, I was surprised when I got denied by a number of banks. They are -

Bank Hometown

Bank of America

Citizens

Santander

Chase

M&T

BMO

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I would be incredibly surprised for BoA and Chase if you couldn't just go in branch and be approved.

way more surprised personally you got denied at BMO, my chex score is like 600 (just inquires) and BMO instantly approved me online, perhaps you can go in branch there as well. 

but yeah, grab you that $900 chase coupon code and open the account in branch would be my next step, personally

BoA should honor the online $200 checking offer as well in branch, they did for me

it doesn't surprise me that like Citizens and MT and Santander are more skittish to high bank account velocity, other than any bonuses they had, no real loss, IMO

[masscredit]

@GZG  My mistake. I did get approved for BMO. $400 for ACH deposits totaling $7500.  I'll get about $1700 after I complete all the requirements. It's been interesting trying to do this. Square shut down my account pretty quick. That was after I charged one of my cards, then set up a transfer to move to Money to my Capital One 360 checking. Now they are holding it hostage for three months.  I have a business account as a sole proprietor. It's set up under my Social Security number and not under a TIN. I didn't want to jump through the hoops for that so I scratch that idea. I like the challenge though. Never did this before.

[coldfusion]

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@cashorcharge wrote:

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@masscredit wrote:

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@cashorcharge wrote:

That's exactly why you were denied....they are pulling your Chexsystems report...you can request a free copy like you can your credit report...and many/most banks will pull that prior to opening an account.   Liken it to applying to too many credit cards and banks seeing too many recent inquires or new accounts reporting and they too will deny you for credit.  With credit at least, there's some variations in which CB banks will pull so not all banks will see all inquires....but checking/savings accounts...they mostly all go to 1 source.  

Bank Account Spree = BAD 

---

How old do the new accounts have to be before they don't matter anymore?

---

That's really a bank specific thing...and I haven't seen a lot of data points on here like you do for Credit Card Applications/Timing...my guess would be just that...a guess

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It's very much a YMMV but IME it's at least 12 months and the level of sensitivity to new accounts also varies from bank to bank. 

Consistent with an earlier comment made in the thread you may have more luck with smaller local banks that have a branch either in your town or 1 town over when you apply in branch, but given the number of your recent attempts you might want to hold off from trying to open any accounts for the next several months.

[FicoMike0]

According to

https://www.doctorofcredit.com/bank-account-reference-pages/

these pull Chex: bmo, Santander

And these pull EarlyWarning: BoA, chase, Santander