ED Magedson – Founder
Bank Five Connect Bank Five, Bank 5 Blatant discrimination in violation of Equal Credit Opportunity Act (ECOA) Fall River MA
I applied twice online to open a checking account. Both times, I was denied. Bank Five gave me reason that "unable to verify identity based on Equifax consumer credit report agency". So, I called Equifax. But Equifax confirmed that they received no inquiry from Bank Five to very any information. Equifax further reviewed my file and confirmed that there is no reason why I should be denied a checking account.
When I called Bank Five and seek an explanation of what is going on and why they lied to me that they contacted Equifax, when in fact, they never did... Bank Five simply refused to answer me because they cannot verify my identity. They cannot give me any specific reason why they denied me credit.
Bank Five connect, a division of Bank Five MHC based out of MA, essentially found a loop hole to discriminate people based on national origin and perceived race. It is unfortunate that Bank Five does not feel comfortable doing business with someone like me, who is not from their preferred race and national origin. While the government specifically enacted laws such as Equal Credit Opportunity Act (ECOA) to prohibit such discrimination, Bank Five found a clever loop hole.
According to this scheme, Bank Five can simply deny credit to undesirable races and national origins simply by pointing out that they could not verify identity based on Equifax credit reporting agency. They can use the same excuse to deny giving any specific reason. The fact is that they never really check consumer's Equifax credit file.
I am well aware of the corporate environment where Bank Five cannot respond to each and every complaint, there is nothing they can do and they are always right and never wrong. Regardless of what they believe, the reality is that customers suffer because of their discrimination. Anybody reading this should steer clear of Bank Five and Bank Five Connect.
This report was posted on Ripoff Report on 07/02/2014 07:44 PM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-Five-Connect/nationwide/Bank-Five-Connect-Bank-Five-Bank-5-Blatant-discrimination-in-violation-of-Equal-Credit-O-1159202. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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