Citibank agrees to change use of screening tool amid AG probe

[NEW YORK] Citibank agreed to make changes to its use of a customer-screening tool in order to reduce barriers to low-income customers getting bank accounts amid a probe by New York's attorney general.

Citibank, a unit of Citigroup Inc, was among the banks being investigated by New York Attorney General Eric Schneiderman into their use of ChexSystems, a consumer reporting agency that screens people seeking to open checking or savings accounts.

Schneiderman announced the Citibank agreement Wednesday.

Earlier, Capital One Financial Corp agreed to limit its use of the tool.

BLOOMBERG