Bank Account Screening Agencies
Bank Account Screening Agencies When a consumer applies to open a new bank account, the bank employee takes down information about the consumer. 80% of banks send the information a bank account screening agency, usually either Chex Systems or Early Warning Services (owned by Bank of America, Chase, Capital One, and Wells Fargo). The agencies are databases with information on negative events such as having an account closed due to too many overdrafts or nonsufficient funds transactions (NSF), checks returned by retailers, and fraud. The vast majority of account closures reported to the agencies are due to overdrafts or NSF...
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