No. of Recommendations: 0
many banks require credit verifications for customers seeking to open an account with a Check Card. Are there legitimate business reasons why a bank must run a credit verification since the customer isn't, at least in theory, applying for credit?

Yep.

There are "holes". Even though each transaction is supposed to take place in real time, if the network is down, the terminal may just store the transaction (and will attempt to transmit it later). If the terminal itself is down, the store may process the transaction using carbons. In either of those situations, it's quite possible for you (or thieves posing as you) to charge more than your account balance.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.