- Santander (NYSE:SAN) has agreed to switch the way it screens applicants for checking and savings accounts, joining Citi (NYSE:C) and Capital One (NYSE:COF) which have already reached such a pact with New York Attorney General Eric Schneiderman.
- The accord comes amid concerns that the current screening process (through consumer-reporting agency ChexSystems) makes it harder for lower-income customers to open accounts, forcing them to rely on high-cost alternatives like check-cashing outlets.
- Schneiderman also has been looking into JPMorgan (NYSE:JPM) over its use of customer-screening databases, sources told Reuters.
- Previously: Citibank settles with NY over checking account screenings (Jan. 28 2015)