deposit account denials

Due to the fact that we may be denying more deposit account customers, I need some clarification please.

If we deny someone from opening a deposit account due to the fact that we feel they have not proven their identity to our satisfaction (no credit report was pulled or no Chex Systems was accessed), do we need to give they a written denial?

Thanks!

We plan on using a written denial if we do not feel we can adequately verify a potential customer's identity. Bankers Systems has created a form called "Notice of Incompleteness" specifically for this purpose. This is the form we plan to use. I believe we're going to order it this week.

"Do we need" based on a regulatory requirement, no.

Would it be a good idea if you want to salvage a request for a new account, perhaps.

Quote:

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a form called "Notice of Incompleteness"

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