FCRA for Excessive Overdrafts
Answer by Dan Persfull, BOL Guru Guru Bio
Question: When we close an existing customer's deposit account for excessive overdrafts, do we need to send an adverse action notice under FCRA? If so, where can I find this requirement in the Act?
Answer: The FCRA AAN is only required when you deny credit to a consumer based in part or in whole on information obtained from a consumer reporting agency.
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