Credit report is not required for a deposit.. but social-security/EIN/TIN is.
There is no purpose for the credit check on a CD because you are not dealing with ‘over-draft’ protection. You might want to check with the bank manager of the San Diego County Credit Union you were dealing with. I suspect someone was confused. There are ‘flex’ CDs at some banks that act more like checking accounts.. add overdraft protection and you have a need for a credit check.
Also ask if you are going to be charged for the credit check. (ulterior motive?)
One thing that the credit check could be used for would be to allow the credit union to ‘help’ your debtors.. which is also questionable legally (breaks due process, assumes the bank records are right w/o proof, also allows the banks to drain money directly making fighting them in court harder–how do you pay your attorney?–insidious).
Also see the note on FDIC insurance on a previous post. I would recommend you be aware because the sub-prime meltdown may end up hitting some banks.
