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

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.

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

Thanks

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

Thanks

From what you said you approved the credit as requested and communicated that approval to the customer - did you not?

Yes. Thanks