01/06/2003
There are many new sofware products being offered today to assist in 'verfifying' the identity of new and/or existing bank customers (per proposed rules of the USA Patriot Act). These software packages search a number of various databases to get background and other 'verification' data. Some of the data bases that are 'searched' appear to be readily accessible general public record data bases, but others appear to be data bases that are not so accesssible by the general public. Is it permissible to have a customer sign a form which essentially says that the customer agrees that the bank can search for information to verify the customer's identity without specifically identifying the data bases being searched?
01/06/2003
We have an overdraft protection product for our customers. If they carry an overdraft balance for over 30 days we mail them a interest free loan to sign to cover the overdraft and take away the protection in the future. When we open a new account, can we run a credit check on each one without them signing a form allowing us to do this to help in our decision on allowing them the use of this overdraft protection, or do they need to sign a form allowing us to do the credit check? I know with a loan we must have a application signed before we can check credit. I wasn't sure if a new account had exceptions to this rule.
01/01/2003
Question: We have a debit card we offer to consumers. When we deny the card, we send out the loan denial form. Are we using the right one?
11/18/2002
Is there a form for a denial to open a checking account? Example: "Statement for reason of adverse action".
07/01/2002
Question: We offer a debit card to our customers.
12/10/2001
12/01/2001
10/29/2001
07/02/2001
We need to have a short list on when we can deny opening a deposit account. We know about the consumer reporting requirements but, sometimes there are events that caution us to withhold deposit account service.
02/01/2000
Those security officers who are members of ASIS have recently received an alert from the legislative counsel for ASIS regarding certain parts of the Fair Credit Reporting Act Amendments of 1996.