Answer:
Banks should not search outside the boundaries established by the 314(a) process. If they do and they get it hit, it's a self inflicted wound. You should probably report it.
314a Search: Info for Named Acct. Older 12 Months
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Question:
314a searches need only encompass current accounts and accounts maintained by a named subject during the preceding twelve (12) months, and transactions not linked to an account conducted by a named subject during the preceding six months. How is the information handled for named accounts older than 12 months and with no other relationship?
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