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#1109041 - 01/12/09 03:15 PM CDs - Paying a Referral Fee
Golfer9 Offline
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Joined: Sep 2007
Posts: 199
Oklahoma
Can anyone help? What issues or complications might arise from paying a referral fee to a company who refers persons to our Bank to open certificates of deposit? Is it OK to do this?

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Deposits and Payments
#1109086 - 01/12/09 03:40 PM Re: CDs - Paying a Referral Fee Golfer9
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
Privacy issues possibly? You would be telling the company that this individual opened an account with your institution.
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#1109106 - 01/12/09 03:52 PM Re: CDs - Paying a Referral Fee Skittles
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
Programs I have seen similar to this include an "opt-in" by the customer to accommodate affirmation of the referral.
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#1109139 - 01/12/09 04:35 PM Re: CDs - Paying a Referral Fee BrendaC
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,958
Galveston, TX
Also, review the definition of a brokered deposit in the call report instructions.
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