Could anyone recommend any banks in Calgary/Canada that might forgo a
credit check? Credit unions? Smaller banks? She has a decent paying
job now. Does that factor in? Will she have to settle her bad credit
first? If so recommend any debt councelors?
The problem is they told her she needs an account by next Wednesday
(Feb 26th) in her name or they will suspend her until she gets one...
2nd option:
I have pretty good credit but I'm in a different city now. Would a
bank let me hold a joint account with her? How would I sign her on to
an account under both our names? Is it possible if she isn't
physically at the bank with me to sign her on with me?
Answer:
Well, assuming that the credit and checking systems in Canada are very
similar to those in the US, her bad credit might not necessarily result in
denial of a checking account at a bank.
Banks don't normally run a credit check on you when you apply to open a
checking account -- they run a ChexSystems check on you. ChexSystems is the
corporation/NGO which, much like the Big Three CRAs, keeps a database of
individuals who are bad checking risks (due to excessive NSF checks, unpaid
bounced checks, check forgeries, etc.). If you've been dunned by
ChexSystems, most banks will NOT allow you to open a checking account. Once
dunned by ChexSystems, it usually takes five years from the last negative
report filed with ChexSystems until your "red flag" falls off their system.
From the sound of it, she's defaulted on student loans; she hasn't written
bad checks. Thus, she most likely will have no problems getting a checking
account.
Then again, bank policies may have changed since I last opened an account --
for all I know, banks might be running credit checks against new applicants
and denying checking privileges to bad credit risks, under the premise that
a bad credit risk is more likely to bounce checks.
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