Using Verification Work with a New Deposit Account
Answered by BOL Gurus Mary Beth Guard and Jack Holzknecht Bios
Question: How would verification work when a person opens a new deposit account through our website and a credit report or Chexsystems report is run and the account is opened?
Answer: Remember, action is triggered by receipt of a notice of address discrepancy. If a notice is received then you may verify the identity of the consumer with information that you:
Obtain and use to verify the consumer's identity in accordance with the requirements of the CIP rules,
Maintain in your records, such as applications, change of address notifications, other customer account records, or retained CIP documentation; or
Obtain from third-party sources.
You also may verify the information with the consumer.
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