There are times when you need to (or just want to) change the terms of your deposit accounts. Maybe you want to implement a new fee or change some of the other terms required to be disclosed in the Truth in Savings Act disclosure the consumer received at account opening. While this can be done (in most cases), there are some hoops you need to jump through to maintain compliance. But be careful with trying to change terms on a Certificate of Deposit, as those are a little different animal.
David explains more in the video.
Video Highlights:
- Changes can be made to account terms (such as increasing fees) provided customers are given at least a 30-calendar day notice before the effective date of the change.
- For Certificates of Deposit, account terms cannot be changed until renewal since you have a contract with the consumer.
- Certain changes (for example, check printing fees) do not require advance notice to the consumer.
Published
2023/02/24
