Savings/Checking AOR?

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Has anyone signed up for a number of Savings/Checking accounts at the same time, like a CC AOR, to take advantage of new account bonuses? There are 5-6 banks/CUs (Citi, 5/3, BoA, SalemFive, America's, BankMutual) with signup bonuses that I qualify for which I'm interested in getting. Is it too ambitious of a plan to try to do all at once, using Alliant or USAA as a hub?

Member Summary

Not all banks perform a HARD PULL of your CR when opening a new account (5/3 comes to mind).  They may perform a SOFT PULL to verify your identity, but SOFT PULL's don't impact your credit score as they're not considered *credit* inquiries.

For the ones which DO perform a HARD PULL (ING Direct CHECKING ACCOUNT comes to mind), it may be to decide whether to extend you overdraft protection.  So long as you don't have a history of bounced checks (in CHEX Systems or something similar), a hard pull on your CR should have little/no bearing on whether you'll be permitted to open your new Savings/Checking account(s). Perhaps derogatory info appearing on your CR will prevent you from being offered an overdraft protection LINE OF CREDIT.

Spend some time investigating whether the banks you intend to establish accounts with perform a HARD PULL, SOFT PULL, or preferably just CHEX Systems. (You may need to call the banks and, gasp, ask them!)

I recently did two Discover checkings for a free $50, and a Chase checking for a free $200. Keep in mind that you'll receive 1099s for these.

I do know of people flat being denied ING Direct Electric Orange checking accounts based on having very poor credit.    

I've applied for five a few times. Only once did someone call me about it...

Banker: "Why, Mr. DebentureBoy, are you applying for so many accounts?". Me: "I have a new job and I'm working in all of these locations, so I wanted to have a local account. I write a lot of checks in my business". Banker: "Really, well welcome to First National of Walla Walla. Let us know how we can help you.".



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