this post was submitted on 02 Sep 2025
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Probably not true for ALL of them but there's plenty of people who can't open bank accounts. People with bad credit/overdrafts, criminal history for fraud, undocumented immigrants, the homeless, etc
Wait, you can't open a basic chequing account with bad credit? I've never heard of this before.
It's not really credit score it's a seperate system. Basically if you ever default on a bank account then you wind up in the CHEX system and you're basically fucked for a long time when it comes to opening bank accounts. Defaulting on a bank account will put you in the CHEX system and ruin your credit score but a bad credit score alone won't put you in the CHEX system.
My mom did it in the past where she had a bank account go severely negative due to predatory overdraft fees and she abandoned the account rather than paying it. 5 years later she still couldn't open a regular checking account anywhere without having someone cosign on it.
Dude I default on a ton of banks and overdrafted like 1200 out of Avast. Even wrote hot checks in my youth ( but I quickly paid them off) I still have had no issues getting a checking account. I have three different accounts with 3 banks.
So I don't know how fuck your credit needs to be but guess I haven't hit that low yet.
Not even bad credit, some banks will debank you for a variety of arbitrary reasons. You need an address, usually have to have regular income, and have to have all of your documents at a minimum, but if you end up in CHEX for any reason (like telling a bank to fuck themselves for almost $400 in overdraft fees that were their fault in the first place) you get denied outright.
If that sounds easy and simple then congrats on your incredibly privileged and sheltered upbringing.
My father falls hard for pig butchering and romance and job scams. On top of the social engineering where he sent various people all his life savings, they also sold his account information and repeatedly drained his accounts. He noticed and reported as fraud the non-voluntary transactions (remaining impervious to all their red-flag communications on the voluntary transactions), on at least a weekly basis for like a year before the banks iced him out. I can't really blame the banks there.
It might be more like excessive overdraft fees
Banks are for profit... how can they scam you with overdraft fees if your too poor to be scammed?