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Do banks require you to open checking account when you get a loan?

Is it normal for banks to require borrowers to open checking accounts at their bank? They prefer buyers to get their payments automatically instead of having a customer send a check every month. When a buyer refuses the bank charges a higher rate on the loan. Will I encounter the same thing when I shop around? by cityslicker791 from New York, New York. Apr 26th 2022 Reply


John Burke (jburke)
#27 ranked lender in Texas - 321 contributions

I've heard of lenders offering a slightly better rate on a car loan for setting up auto payment but I've never heard of a lender doing that on a mortgage.| John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |

Apr 27th 2022
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions

Never heard of that with a bank, but it is pretty common with credit unions, as you need to "be a member"

May 6th 2022
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