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#711819 - 04/05/07 02:32 PM Required Checking Account
michellecc Offline
100 Club
michellecc
Joined: Sep 2003
Posts: 128
Southern New England
Good morning.

I've searched through the regs and could not find any language that would prohibit a bank from requiring a borrower to open a checking account for the purpose of advancing funds during the construction period. Are there any prohibitions to this practice?

Thank you.

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#712920 - 04/06/07 07:04 PM Re: Required Checking Account michellecc
etm614 Offline
Platinum Poster
etm614
Joined: Jan 2003
Posts: 695
Massachusetts
I don't know of any prohibition. I think the only restrictions are related to requiring automatic electronic payments.

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