|
|
|
 |
Compliance Gurus
Lending Gurus
Security Gurus
Marketing Gurus
Technology Gurus
eBanking Gurus
|
MMDA Withdrawal Violations - Reopening Account
Answer by Andy Zavoina, BOL Guru
BIO AND CONTACT INFO
Question: We have a customer that has exceeded the withdrawal limits on their MMDA account three times. We are changing the account type, but the account officer would like to know at what point can they re-open a MMDA account.
Answer: I don't recall a lot of regulatory guidance on this. But you are assumed to ask yourself if you want this account that has a proven record which tells you that you will be counting items and sending letters. It has lower than average profitability and lifespan.
Make it easy on yourself, your customer and respect the intent of the reg.
First published on BankersOnline.com 8/25/03
Home | Compliance | Lending | Operations | Security | Marketing | Technology | eBanking
BOL Archives Privacy Policy Important Disclaimer Recommend This Site ! Contact Us
BankersOnline is a free service made possible by the generous support of our
advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all
banking professionals. Support our advertisers and sponsors by clicking
through to learn more about their products and services.
|
|
|
Print Friendly!
Email This Article!
Discuss NOW!