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They don't technically have to. Responsible banks will carry out risk and compliance audits of all customer communication to avoid liability but the alternative
by tootie 6y ago
They don't technically have to. Responsible banks will carry out risk and compliance audits of all customer communication to avoid liability but the alternative is to publish whatever and then deal with lawsuits later. These audits typically only for "claims" language (ie "we offer the lowest rates" would be axed) and maybe accessibility but not technical QA.
- datavirtue 6y agoI was referring to the prepaid companies like netspend mostly. In my experience every bank required this of each of the prepaid companies I was at. At one prepaid company we went through three banks. The business is considered high risk...for very good reason.