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#1529404 - 03/31/11 02:37 PM Process for Eliminating an Account
Kristi Offline
Member
Kristi
Joined: Feb 2005
Posts: 94
What is the process for eliminating a type of checking account that we have had for about 10 years?

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Operations Compliance
#1529632 - 03/31/11 05:20 PM Re: Process for Eliminating an Account Kristi
BurntSienna Offline
Diamond Poster
Joined: Aug 2006
Posts: 2,407
Midwest
Notify your customers well ahead of time that their current (Y type) account will no longer be available. I'd run it on a statement message for at least 2 cycles and also send out a mailer probably. Give them a date, in writing, by which their account must be changed (by them) to some other type of account (offer them some alternatives and the basic info with a "see a personal banker for more details" disclaimer). In writing also provide them the date on which (if they do nothing) their account will automatically be changed from Y type account to X type of account. Provide all disclosures that apply to X type of account.
_________________________
"Gratitude makes sense of our past, brings peace for today, and creates a vision for tomorrow." - Melody Beattie

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#1529792 - 03/31/11 06:37 PM Re: Process for Eliminating an Account BurntSienna
Kristi Offline
Member
Kristi
Joined: Feb 2005
Posts: 94
Thanks so much for your help!

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