I applied for an on-line money market account with AmTrust Direct Bank last week and received a letter about a week later stating that I was denied an account with them because of wrong information that I had given them and that the decision was made, in whole or in part, as the result of a credit report that they had obtained from Equifax.

I have been a careful saver all my life and have a good deal of money that I wanted to invest. I have no loans and no credit card or mortgage and have, therefore, no credit record for them to pull. After 3 phonecalls to them, they eventually told me that the reason I had been denied an account with them was due to the fact that, since I had no credit I was considered and 'unsafe risk' and they weren't willing to take a chance on me and that was their rules.

Words fail me! I was applying for an e-money market account, not for credit! I will be staying with my other bank accounts that I have had no problem with, even though they offer me a lower rate of interest.

Recommended: No