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#1104668 - 01/02/09 03:12 PM Excess Transactions
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,470
Midwest
I was wondering what other banks do when a client exceeds their transactions limits on savings accounts. It was a recommendation to us that we monitor them and after 3 times on the list on a 12 month basis, we convert them to a transaction account. The problem is we would have to have them sign a new signature card for the account. The clients never respond to any letters that we send. I was just curious to see how other banks handle it.

Thanks,

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General Discussion
#1104689 - 01/02/09 03:30 PM Re: Excess Transactions ahkcompliance
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,348
Galveston, TX
There is no need for a new signature card - just notify them that their account has been converted (afterall, they did received the warning letters) and provide them new acount disclosures.
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#1104732 - 01/02/09 04:07 PM Re: Excess Transactions rlcarey
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,470
Midwest
They will hav a new account number. Our system does not allow a checking account to have a savings accont number.

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#1104834 - 01/02/09 05:44 PM Re: Excess Transactions ahkcompliance
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,348
Galveston, TX
Then your only other option, unless you just change the account number on the existing signature card, is to close the account.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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