Crying All the Way Out of the Bank: How Banks Are Alerted to Red Notices

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Continuing with the issue addressed in the last post, today's post addresses banking and the effect of a Red Notice on a person's ability to maintain an account at a financial institution. Specifically, how does a financial institution know about a pending Red Notice?

A majority of banks, credit unions, and other financial institutions subscribe to one or more services that allow them to check the financial history and activity of new customer applicants and existing customers. They might use a service such as IntelliCorp,or Accurate Background, Inc. Think of the services as CARFAX for automobiles, or Equifax for credit history. They provide information from an array of sources, thus allowing an entity to make an informed decision about whether it should do business with an individual based on her history.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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