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#2251812 - 04/05/21 05:35 PM Permissible Purpose - ChexSystems
jonv Offline
100 Club
Joined: Jul 2009
Posts: 107
For a consumer account, does a bank have permissible purpose to run an existing account owner through ChexSystems? The bank generally uses ChexSystems for new account owners and not existing owners, but in this particular case it was not ran and we want to run it after the fact.

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Operations Compliance
#2251815 - 04/05/21 06:14 PM Re: Permissible Purpose - ChexSystems jonv
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
If it comes back negative are you planning on closing the account? You would have a review purpose if that is the case, but you really need to read your ChexSystem's contract.
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#2251819 - 04/05/21 06:34 PM Re: Permissible Purpose - ChexSystems jonv
jonv Offline
100 Club
Joined: Jul 2009
Posts: 107
We are lost money on this particular case / account and the banker elected to not run ChexSystems (we are closing the account). I wanted to use this from an education perspective... I'll check our contract - thanks.

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