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Red Flag Checklist - Maintaining an Account

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When should the Red Flag Checklist titled "Maintaining an Account" be used?

You would use this section for all existing "covered" accounts. The Red Flag guidelines use the phrase "offers or maintains" to include types of accounts that a financial institution still has on its books but no longer offers. For example, Bank of Nowhere had offered a special "Piggy Bank" account to minors in previous years but then decided that it was not profitable. They no longer "offer" those types of accounts but the existing accounts are "maintained". They would apply the Red Flag guidelines established by their bank accordingly.

First published on 1/26/09

First published on 01/26/2009

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