Answer:
by Randy Carey:
I assume you are referring to a deposit account.
are we able to decline the applicant for the account?
Yes, a bank is under no obligation to open an account for anyone.
If so, what should we provide as the reason for the decline on the notice of action letter?
There is no requirement to provide a notice of action letter on a deposit account.
Answer:
by Jim Bedsole:
...except if the action is taken based on information from a consumer reporting agency, in which case FCRA would require a notice (which the original poster said was not the case in this situation).