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#2260095 - 09/22/21 08:27 PM Business Credit Card
Anonymous
Unregistered

A business credit card was approved using a deposit account as collateral.

However, at first the customer agreed and said they will get back to the bank to secure the credit card. It has been almost 60 dayscustomer and now they will not return calls to the bank to secure with the the deposit account.

Is it necessary for the bank to send an adverse action letter because of this?

Thanks

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#2260100 - 09/22/21 08:54 PM Re: Business Credit Card Anonymous
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,313
Galveston, TX
Did they apply for a secured card or was this a counter-offer? If they applied for one, then you approved the application. If this was a counter-offer - you owe them a AAN.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2260130 - 09/23/21 01:18 PM Re: Business Credit Card Anonymous
Anonymous
Unregistered

No, it was not a counter-offer. So an AAN is not necessary then?

Thanks

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#2260131 - 09/23/21 01:18 PM Re: Business Credit Card Anonymous
Anonymous
Unregistered

No, it was not a counter-offer. So an AAN is not necessary then?

Thanks

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#2260134 - 09/23/21 01:49 PM Re: Business Credit Card Anonymous
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,313
Galveston, TX
From what you said you approved the credit as requested and communicated that approval to the customer - did you not?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2260144 - 09/23/21 04:02 PM Re: Business Credit Card Anonymous
Anonymous
Unregistered

Yes. Thanks

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