Can we decline to open a demand deposit account due to adverse credit reports?

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Can we decline to open a demand deposit account due to adverse credit reports?
Answer by: Andy Zavoina, BOL Guru
BIO AND CONTACT INFO

Question: Can we decline to open a demand deposit account due to adverse credit reports? We did receive a clear code to open account from Telechek. We are in Washington and the derogatory credit is mostly from California per our Equifax report.

Answer: Sure. You may decide not to do business with any customer for many, many reasons.

In this case you are citing a valid reason due to risks and the manner the customer has handled their finances in the past. This is without regard as to whether or not it was specifically a deposit account.

FCRA disclosures will apply.

First published on BankersOnline.com 11/04/02

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