US banks and Brokers most centennially do have access to this info. Not only do they have access to your credit history, US banks and Brokers also have access âwithout your permission nor knowledgeâ to almost anything even known about you. All justified by the government regulators since 911 to combat terrorism.
If you just opened the account, they are probably imposing limits to protect against fraud or possible criminal activity. I have had a BOA account (actually 4...2 for business) for almost a decade and have never had a single issue with transferring in or out - nor am I aware at this present time of any limits on my ability to do so.
Just give BAC a call and they will adjust it for you. I ran into the same problem with Chase and I can move 100k per day in my personal account. If you have a business account you can wire even more but you'll still need to call them. These electronic limits probably stem from 9/11.
If my bank pulls my credit report then they do it without me knowing about it, without showing up on my credit report, and never deny or approve anything based on whats on my credit report. All of which I highly doubt happens because it would defeat the purpose of checking it. I'm aware of all the added crap they disclaim they need to do (like brokers needing additional proof of ID sometimes) because of 911, but your belief that all banks check credit for all accounts opened is incorrect. Also your first line doesn't make sense with the word centennially used in it.
Banks must have a permissible purpose to pull your credit. If you have an account there, they can call it an account review and that would be hard to get around. There are two types of pulls, softs are visible to you, hard pulls knock down your credit score and can be seen by anyone. Banks often use 9/11 laws as a cop out to pull credit thus lowering you FICO. If you think about it, a bank gets paid when your FICO goes down as they can use this as an excuse to charge a higher interest rate later.
See I completely agree with the statement that a bank you have a line of credit with (mortgage, credit card, etc) can pull your credit. It'd be retarded to think otherwise. The statement I'm disputing is that some people apparently think opening a checking account is causing the banks to pull your credit.
don't know about Florida,but amtrust(OH located) for example does soft pulls on all new SAVINGS accounts(before those accounts are open). this been confirmed long time ago on many websites(and they admit it,if you ask them directly over the phone)
"UK Government To Outsource Big Brother Internet Monitoring." "The private sector will be asked to manage and run a communications database that will keep track of everyone's calls, emails, texts and internet use under a key option contained in a consultation paper to be published next month by Jacqui Smith, the home secretary. A cabinet decision to put the management of the multibillion pound database of all UK communications traffic into private hands would be accompanied by tougher legal safeguards to guarantee against leaks and accidental data losses." http://www.guardian.co.uk/uk/2008/dec/31/privacy-civil-liberties
They donât pull your data from corporate credit reporting sources i.e Experian, Equifax, transunion. US banks, brokers (gov) regulators have access to their own sources .
Older case but relevant in proving a point Lawsuit Accuses Bank of America of Obtaining Unauthorized Credit Reports. http://findarticles.com/p/articles/mi_hb5553/is_200102/ai_n22504222