{"id":6249,"date":"2022-07-12T04:40:26","date_gmt":"2022-07-12T03:40:26","guid":{"rendered":"https:\/\/blinkx.com\/?p=6249"},"modified":"2022-08-07T13:28:32","modified_gmt":"2022-08-07T12:28:32","slug":"bank-background-check","status":"publish","type":"post","link":"https:\/\/businessfinancenews.com\/background\/bank-background-check\/","title":{"rendered":"bank background check"},"content":{"rendered":"
\n

Banks and financial institutions owe it to their customers, members, stockholders, and insurers to vet their employees thoroughly. Most bank jobs involve access to both money and sensitive personal information. These factors make working at a bank attractive for someone who might be looking to steal money, commit identity theft, or both. Because of these threats, banks tend to be very vigilant in\u00a0conducting background checks\u00a0on all new hires.<\/p>\n

<\/p>\n

When it comes to discussing the types of background checks that banks use, the first considerations should be the FDIC and Section 19.<\/p>\n

The FDIC, or Federal Deposit Insurance Corporation, is the organization that insures most banks in the United States. Section 19 is a measure of the Federal Deposit Insurance Act that limits who the FDIC can hire. Section 19 bars FDIC banks from hiring \u201cany person who has been convicted of any criminal offense involving dishonesty, breach of trust, or money laundering.\u201d Candidates or employees who have \u201centered into a pretrial diversion or similar program in connection with such an offense\u201d must also be disqualified or terminated.<\/p>\n

Banks will use\u00a0criminal history checks\u00a0to look for convictions that apply to Section 19. While crimes like identity theft, embezzlement, or fraud are top-line red flags for financial institutions, they are not the only convictions that a bank is looking for on a background check. Most banks are also looking for past issues with violence or sex-related crimes as a means of ensuring a safe workplace for employees.<\/p>\n

Bank background checks will typically go beyond criminal history. Verification checks are common to make sure that candidates are being honest on their resumes about\u00a0education,\u00a0professional credentials, and\u00a0past employment. Some banks also use\u00a0credit history checks\u00a0to learn more about their candidates\u2019 financial habits\u2014though credit checks for jobs are not legal in all parts of the country.<\/p>\n

In designing their background checks, all banks must observe the same compliance guidelines as other employers,\u00a0including following the Fair Credit Reporting Act\u00a0(FCRA). Banks should also aim to follow\u00a0Equal Employment Opportunity Commission (EEOC) guidance\u00a0wherever possible. However, because banks are bound to follow Section 19, their hiring policies and handling of criminal history may sometimes have a disparate impact on minorities.<\/p>\n

In 2018,\u00a0a judge ruled for Wells Fargo\u00a0in an EEOC lawsuit that alleged the company\u2019s hiring practices were discriminatory. Despite the presence of disparate impact, Wells Fargo\u2019s responsibility to follow Section 19 ultimately took precedent.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Banks and financial institutions owe it to their customers, members, stockholders, and insurers to vet their employees thoroughly. Most bank jobs involve access to both money and sensitive personal information. These factors make working at a bank attractive for someone who might be looking to steal money, commit identity theft, or both. Because of these<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[75],"tags":[],"yoast_head":"\nbank background check - Business Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/businessfinancenews.com\/background\/bank-background-check\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"bank background check - Business Finance\" \/>\n<meta property=\"og:description\" content=\"Banks and financial institutions owe it to their customers, members, stockholders, and insurers to vet their employees thoroughly. 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