Background Screening

When someone asks you to store something as personal as their money, it’s a big responsibility. Banks are trusted financial institutions, and it’s important to know that the people you employ to handle your customer’s money can be responsible and trustworthy. If it gets out that one of your bank employees is embezzling money from your customers or from the financial institution, it will reflect very poorly on your bank’s reputation and customers will take their business elsewhere.

Barada Associates is here to help navigate your financial services background checks and explain why everyone employed in your bank or financial institution should be subject to one. 

From Board Members to Tellers – There’s No Such Thing As Unnecessary Background Checks

When people go into a bank, they often interact with a teller. These people are the face of your business, often helping customers regularly with deposits and answering questions. Many banks feel that these low-level employees don’t need to be subjected to background checks because the turnover rates for tellers is high. However, these people are the face of the bank, and a rude or unpleasant teller could sour the reputation of a particular branch’s customer service.

The financial services industry often employs more than tellers. Loan processors, advisors, analysts, and board members should all be subjected to background checks. At Barada Associates, we’ve heard stories of board members hiring friends and family without going through the proper hiring process only to find that this new employee was embezzling money. Not only was this employee fired, but many of the board members were forced to resign, HR people were fired, and the bank’s reputation was ruined by customers who had placed their confidence in them. 

Background checks are essential for every position in your business because money talks. And when you’re no longer trusted to be the safeguard of your customer’s money, you’ll notice a negative impact to your business quickly.

Many Financial Institutions Are Required By Law To Perform Background Checks

The banking industry has many strict regulations when it comes to running a business, and this includes strict criteria about who a bank can hire. Many banks in the United States are insured by the Federal Deposit Insurance Corporation (FDIC), and they have regulations on who banks can hire. Section 19 of the Federal Deposit Insurance Act states that banks cannot hire an individual who has been convicted of a criminal offense that involved “dishonesty or breach of trust or money laundering.” Candidates can also not be hired if they entered a diversion program in connection with a prosecution of a crime.

While looking at an individual’s criminal history is the minimum required background check needed in the hiring process, it’s a smart idea for those in the financial services industry to also do credit history background checks. It would be a shame to find out that your financial advisor has a terrible credit history and maybe giving bad advice to customers.

Many roles in the banking and financial services industry also need certain qualifications in education and licensing in order to be qualified. Make sure your candidates have the correct qualifications by doing a professional license or education verification as well.  

Barada Associates Specializes in Financial Services Industry Background Checks

While you may think doing background checks yourself isn’t a big undertaking, they are a time-consuming process. Especially in the financial services industry, there are many rules and laws that need to be followed in order to stay compliant with the Fair Credit Reporting Act

When you work with Barada Associates to run background checks for your employees, you’re trusting an experienced business that trusted industry leaders have relied on for over 40 years.  Working with Barada Associates can help improve the quality of your hires, reduce negligent hiring, and enhance regulatory compliance and workplace safety. We’ve helped hundreds of financial and banking companies find qualified employees in a quick, but thorough manner. 

Contact Barada Associates for Quality Background Checks for Your Financial Business

If you’re looking to expand your business with quality employees, contact the team at Barada Associates to see how we can develop a custom background check package to make your hiring process a breeze. As a people-first company, your success is our business. Let us grow together.