Question: Currently, if a customer comes into the bank to open a checking accountt but Chexsystems says they had a previous account closed by another bank, we open a savings account for this customer with no ATM card. We have seen a problems with this as the customer will then withdraw the funds or leave a few dollars in the account the next day. We are considering putting a 5 day hold on any new customer savings account. Is there any Reg that prohibits this practice?
Answer: Check for state requirements that apply to savings accounts and that your Reg. CC disclosures don't promote availability to all deposit accounts, including savings.
Otherwise there is no restriction for savings deposits.
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