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Will i be refused

  • 08-03-2012 3:37pm
    #1
    Ricardo G
    Registered Users Posts: 1,308 ✭✭✭


    I have a bad credit history and need to open a deposit account as i will be back in fulltime employment next week. Can the bank refuse to open an account for me ?? I presume they do a credit check when opening an account?
    Thanks


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Ricardo G wrote: »
    I have a bad credit history and need to open a deposit account as i will be back in fulltime employment next week. Can the bank refuse to open an account for me ?? I presume they do a credit check when opening an account?
    Thanks

    I presume you mean current account rather than a current account if you are concerned about having an account.

    Most banks will do a credit check and some may refuse to open based on a bad credit history. Current accounts arent a money maker for banks. There money is made on loans and savings accounts and if you have a bad credit rating its less likely they will make money on other products with you.

    Many good things have been said about Ulster Bank here so maybe go apply with them and see what happens. Hopefully should be grand.


  • #3
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    Ricardo G wrote: »
    I have a bad credit history and need to open a deposit account as i will be back in fulltime employment next week. Can the bank refuse to open an account for me ?? I presume they do a credit check when opening an account?
    Thanks

    They don't do a credit check to open a deposit account so you should have no difficulty. They will only do a credit check if you are looking for credit facilities. My advice would be to open a deposit account and operate it in good order until such time as the bank are happy to upgrade it to a current account.


  • #4
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    killers1 wrote: »
    They don't do a credit check to open a deposit account so you should have no difficulty. They will only do a credit check if you are looking for credit facilities. My advice would be to open a deposit account and operate it in good order until such time as the bank are happy to upgrade it to a current account.

    They do it for current accounts, even if not looking for overdraft facility. Also a deposit account doesnt get upgraded to a current account. Different products.


  • #5
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    chris85 wrote: »
    killers1 wrote: »
    They don't do a credit check to open a deposit account so you should have no difficulty. They will only do a credit check if you are looking for credit facilities. My advice would be to open a deposit account and operate it in good order until such time as the bank are happy to upgrade it to a current account.

    They do it for current accounts, even if not looking for overdraft facility. Also a deposit account doesnt get upgraded to a current account. Different products.

    My point was they don't do it for depoist accounts so he'll have no difficulty opening one within his previous poor credit history being an issue. Once the deposit account has been operated satisfactorily for a period of time and he shows he can save money the branch may be willing to open a current account for him at a later date despite previous history if he can prove he's changed his ways. A current account is considered a credit facility even if an overdraft is not applied to the account as it has a facility for DD's or cheques or a laser card which could all overdraw the account


  • #6
    skeptik
    Closed Accounts Posts: 216 ✭✭skeptik


    As already mentioned, try Ulster Bank. I know of someone who is unemployed and has a horrendous credit history and they allowed him to open a current account. I'm with them years and find them a great bank!


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  • #7
    Ricardo G
    Registered Users Posts: 1,308 ✭✭✭Ricardo G


    Thanks for all the replies, i've just applied to open a savings account with PTSB online so might get sorted by tomorrow :)


  • #8
    skeptik
    Closed Accounts Posts: 216 ✭✭skeptik


    Ricardo G wrote: »
    Thanks for all the replies, i've just applied to open a savings account with PTSB online so might get sorted by tomorrow :)

    Last time I tried to open a current account with them they wouldn't even give me an ATM card for the account until a weeks wages had gone in. Thats years ago so I hope their policies have changed!


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