For those of you that use TeleCheck or Chexsystems, do you get the customer to sign an authorization form allowing you to pull the report or do you just rely on that you are pulling the report for a business purpose?

In my experience, most banks do not have the customer sign an authorization form to obtain a report when the customer is opening a personal account for themselves.

However, if you want to obtain a report on a SIGNER who doesn't own the account (for example, a corporate account where the signers will be the President and a bookkeeper), then you must obtain a signed authorization since you do not have a "permissible purpose."

Appreciate it!

Most signature cards also have a statement near the area where the customer would sign that states "The undersigned authorize the financial institution to investigate credit and employment history and obtain reports from consumer reporting agency(ies) on them as individuals." So in a sense they are signing and agreeing to this.....you might check your signature cards.

However, they aren't signing BEFORE the account is opened in most cases..........just saying....