Why was my Pibank Savings account application denied?

At Pibank, several steps are required to open a savings account. These steps ensure compliance with regulatory and security standards, including:

• Know Your Customer (KYC) Questionnaire: Information required to verify your identity and financial profile.
• OFAC Check: Screening against the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) list.
• ChexSystems Report: Review of your prior history with other financial institutions for issues such as overdrafts, unpaid fees, or if there was fraudulent activity.
• Biometric Authentication: Pibank’s Biometric Customer Identity Verification (BCIV) system uses the AuthID facial recognition technology to verify identity securely and efficiently, particularly for online account opening.

The collective results from each of these steps are used to determine whether your Pibank account can be opened or not.  If there are any issues arise during these processes, your application may be denied.

As a reminder, prior to opening an account all Pibank customers are provided with the Deposit Agreement and Terms and Conditions’ information which provides relate details of the customer onboarding process.