Everbank Complaint - Everbank - SAVINGS ACCOUNTS applications trigger a credit check that can lower your credit

Review by escritor on 2009-07-20
I followed the advice of one financial show on CNBC and opened an application for an account with Everbank, an online bank. I never opened the account and Everbank's policy is to do a CREDIT CHECK on online customers when they apply for an account whether they are borrowing money or depositing. This application in an attempt to make more money on CASH money I have lowered my credit score! When I called the company to complain I was told it was in the contract, translation "tough." I find this an invasion and unnecessary information for a bank to know about a depositor. Just don't want other unwary customers side swiped by this unreasonable policy.
Comments:8 Replies - Latest reply on 2009-08-02
Posted by saj80 on 2009-07-20:
Not sure who is giving you information, but one credit check will not lower your credit score. If your score is lower, there are other things we aren't being told (multiple requests, late pays, etc.).
Posted by madconsumer on 2009-07-20:
saj is correct. in any 14 day period, if you shop for a loan, all for same end results, they count as one look/inquiry. but, if you shop several loans for several end results, they all count each as a single look/inquiry. such as, day one loan for mattress, day two loan for car, day three loan for house etc ....

if all inquiries were for the same loan, each wont count against.
Posted by Skye on 2009-07-20:
I thought banks always ran a credit check when opening a new account. I know when I moved from NY, to CO, they ran a credit check on me. I opened my checking and savings account with 1ST Bank.
Posted by Pepper on 2009-07-20:
never heard of everbank
but it's making me think of everquest now...

yeah i'm a geek
Posted by Anonymous on 2009-07-20:
All banks will confirm you identity. I think it may be part of the Patriot Act in order to prevent accounts from being opened for money laundering purposes.
Posted by Anonymous on 2009-07-20:
A couple of things: first of all, it may not even be a credit check. It could be a check with e-Funds to verify that another bank has not taken a loss on you.
Secondly, if they do run a credit check, it is a 'soft' inquiry, and it has NO impact on your credit score at all. There is more than one type of credit check.

Often a bank will run a check and make it a part of your record. It allows for you being able to go online and ask for a loan, and to be approved instantly. There is no nefarious scheme here.
Posted by Fufu487 on 2009-08-02:
I think you should take some time to read how the credit bureau system works before throwing these assumptions out there. A single credit bump for a savings account is usally so minimal it barely touches your score. It is VERY common for banks to match you up with the credit bureau when opening an account, especially if your a new customer. If places didnt match you up with the credit bureau when you open bank accounts and such, it would be much harder to trace fraud. You'll be thankful if your identity is stolen and all of a sudden, its traceable...
Posted by S. on 2009-08-02:
Bet you took CNBC's Jim Cramer's advice. Hoo-boy!

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