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#2205791 - 02/12/19 03:39 PM Adverse Action Notice for Existing Deposit Account
JD Offline
New Poster
Joined: May 2015
Posts: 19
Good morning!

Last week, a new deposit account was opened. This week, during our new account reviews, it was found on the ChexSystems report that the customer has a previous charge off with another FI for $10K. Our bank procedures require a denial if the applicant has a previous charge off, this was clearly missed by our Banker. If we close this account, should we send an adverse action notice even though it wasn't denied at application?

I thank you in advance for your assistance!

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#2205801 - 02/12/19 04:24 PM Re: Adverse Action Notice for Existing Deposit Account JD
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,396
Galveston, TX
Yes - required by the FCRA.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2205819 - 02/12/19 05:22 PM Re: Adverse Action Notice for Existing Deposit Account rlcarey
JD Offline
New Poster
Joined: May 2015
Posts: 19
Thank you!

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