The Citibank logo is pictured at its Nicaragua headquarters in Managua October 16, 2014. (http://on.wsj.com/15MD9ys)The new rules, scheduled to begin March 15, will change how Citibank uses information from ChexSystems, a database that provides data on how consumers handle deposit accounts at banks. A consumer's ChexSystems report typically contains banking irregularities such as check overdrafts, unsatisfied balances, depositing fraudulent checks, or suspicious account handling. Last June, Capital One Financial Corp had agreed to fundamentally change the way it uses ChexSystems to restrict only customers who land in the database for fraud. Representatives at Citigroup and the New York Attorney General could not be reached for comment outside regular U.S. business hours.

Source: Wall Street Journal March 05, 2024 07:07 UTC