Santander reaches accord with N.Y. to expand bank account access

Santander Bank, N.A. has agreed to change the way it screens applicants for checking and savings accounts, becoming the third bank to reach such a pact with New York Attorney General Eric Schneiderman. The accord, expected to be announced Friday, comes amid concerns the current screening process makes it harder for lower-income consumers to open accounts, forcing them to rely on high-cost alternatives like check-cashing outlets. Santander agreed to adopt new policies governing its use of ChexSystems, Inc., a consumer-reporting agency used to analyze the banking histories of consumers who apply for accounts. Citigroup's Citibank agreed last month to change how it used ChexSystems, as did Capital One, a unit of Capital One Financial Corp, in June.

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