Rejection for High Interest Rate savings

[theskyisblue]

I have a bit of money that I need to set aside for a big expense in 2022.  Having read many words by all y'all fine people, I realized I should take it out of my Bank of America checking / savings account whose interest is so small I have never taken any notice of it and put it "somewhere else".

CDs are not really in my vocabulary while I have had bank accounts since I was 16 so I went looking for a high yield savings account.  The idea of being able to reach the money in case of an emergency also appealed.

I filled out the online application for Vio Bank and ... was rejected 30 seconds later.

https://www.viobank.com/online-savings-account

This is confusing b/c while we our finances are not what they should be (hence, reading and learning here) we are also super responsible.  Good credit, always pay on time.

If you are rejected for an account, you can get a copy of the report used to reject you, in this case from Chex Systems.  I requested this and received a paper item in my physical mailbox about a week later.

The report reveals ... nothing.  No derogatory accounts, no liens.  They say I own property which is confusing since I no longer do but that should be a positive.  On a wealth index scale of 1-6, they gave me a 5.  That seems insane b/c we are definitely not 5/6 as a rich as any of the rich people I know but still ... isn't 5/6 a good thing? 

There is nothing crazy here -- nothing that suggests I've been the victim of identity theft, etc.

The only non-ideal item in my profile is that we moved in the past 12 months.

Now I'm confused.  Of course, I could apply to a different bank but ... what if they all use the same mysterious criteria?  Won't it be bad for my credit score or for my Chex profile to make repeated inquiries.  And where should I park my 5K?

[reeshau]

Now I'm confused.  Of course, I could apply to a different bank but ... what if they all use the same mysterious criteria?  Won't it be bad for my credit score or for my Chex profile to make repeated inquiries.  And where should I park my 5K?

I don't think it would count as a "hard" check, because you are looking to deposit money, not get a loan.  And they should treat any inquires close to each other as one--you have 12 days or so (depends on the report) to try others.

I was rejected by a money transfer service one time, and they literally wouldn't tell me why.  I found another, although that outfit stopped doing business in the US.  (WorldFirst)  Came back to choice #1, and they accepted me.  The difference?  I used an email account that had been establish for some time, rather than the email account I had recently established before try #1, for the purpose of handling my US business while I was abroad.  I figure that young email account was somehow flagged as a fraud risk.  You mention no identity theft from your credit report, but fraud risk takes into account a lot of things outside of your financial accounts.