Skip to content

AA Required if Bank Force Closes Checking Acct?

Answered by: 

Is an adverse action required to send to a customer if the bank force closes the customer's checking account?

Only if the decision to close the account was based on information from a consumer reporting agency (which include providers such as ChexSystems). Under that circumstance, Sec 615(a) of the Fair Credit Reporting Act would require notice. As long as the information from the consumer reporting agency does not include a credit score, then the notice can be oral, but must include the elements in 615(a)(3) and (4).

First published on 07/22/2018

Filed under: 
Filed under compliance as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics