Are we required to provide a Notice of Action taken when we don't open a DDA or Savings account for someone? My ops person is saying yes, but I don't know what dictates it b/c they didn't apply for credit.

I would say it depends on the reason why the account was "denied". Can you give an example?

A Notice of Action on a denied DDA or Savigns account is only required when you denied the account because of information from a Consumer Reporting Agency.

On the Notice of Action, you do not need to show the reason for the denial -- only show that you denied the account because of information from the CRA, and the name, address, phone # of the CRA. (There is also some other required FCRA wording that goes along with this.)

We do pull a credit report so that is what we are basing our decision on so we will continue to provide the Notice. Thanks