TeleCheck® New Account Screening Service

Financial institutions depend on new checking accounts to generate non-interest fee income. New accounts also bring low- and no-cost deposits, which let financial institutions access inexpensive funds and keep lending costs low. Though adding accounts and customers can increase an institution’s earnings, it also brings risk.

With the TeleCheck® New Account Screening service, banks, credit unions and savings banks can minimize risk, while growing their DDA base. You’ll have access to the nation’s most complete negative and activity databases to screen applicants for history of account abuse and poor maintenance, charge-offs and fraudulent checks.

How it Works

Once an inquiry is received, the applicant is screened using valid forms of identification such as a driver’s license and Social Security number. The information is compared against millions of records in the TeleCheck negative and activity databases. In seconds, you’ll know the risk of opening a new account.

The IVR allows you to evaluate many different types of identification, such as matricula consular cards, Individual Taxpayer Identification Number (ITIN) and passports, without speaking to a live agent. TeleCheck also offers you multiple inquiry alerts, lost/stolen check reporting and full-service, third-party DDA charge off collections. We have partnered with Equifax to provide other valuable services including:

• Equifax ePort® Internet access for New Account Screening
• Office of Foreign Assets Control (OFAC) screening
• Cross-sell decisioning
• Fraud/Identity tools

• Evaluate new account applicants
• Open more accounts while managing your risk
• Access real-time merchant and financial institution data in one convenient place
• Utilize easy Interactive Voice Response (IVR) response systems
• Obtain Equifax ePort access or a direct platform connection to TeleCheck’s system for fast decisions
• Screen non-standard IDs such as matricula consular cards

• Process applications fast and easy
• Make immediate decisions based on the most up-to-date account information

• Interactive Voice Response (IVR) for quick account applicant IDs screening
• Extensive check writer negative and activity databases
• Equifax ePort Internet access
• Excellent customer service and specialization