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AA Notice Required When Deposit Acct. Turn Downed?

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Question: 
Is it mandatory to give the customer an adverse action notice when turned down for a deposit account? If so, should the agency we collected the info from provide the forms?
Answer: 

If you are using a credit report to make this decision, yes an adverse action notice is required to be delivered. Who provides the forms is a matter of your contract with the credit reporting agency.

First published on BankersOnline.com 4/22/13

First published on 04/22/2013

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