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Saturday, March 13, 2010 - 9:51 AM
(1 stars)
Alas, I Was Also Rejected For The Same Reasonas Most
ViewPoint Bank, National Association
(1 stars)Alas, I was also rejected for the same reason as most-- too many inquiries (in other words, too many other reward accounts or CDs, etc.). My credit rating is likewise very high. But think about why they would want to reject someone like me... It's not because I'm a deadbeat and owe money or the like. It's because they know I will move a lot of money into their no-limit high-interest account but I will NOT in turn borrow money from them for a mortgage. They also know (based on the # of bank inquiries) that I will turn around and move ALL my money out of their account as soon as their interest rate drops or I can find a bank that will offer a higher interest rate. I was extremely upset that I was rejected for a CHECKING account, but in retrospect, I can understand why. (PS: No I don't work for them nor do I like their businsess practice. I think they should stop offering NATIONWIDE rewards checking and instead restrict it to their local area. They are obviously too small to deal with a lot of money flowing in and out and they will likely go belly-up trying to pay out the high interest. Just look at what happened to CBDirect - they offered 3% on no-max-balance and now they are bankrupt.)
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