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#1548063 - 05/09/11 02:56 PM Deposit Account Changes
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
We are going to create an almost new set of deposit accounts and then convert the existing account base into that set. I'm going to send a mailing to all deposit account customers letting them know each account type we have and the account type to which it will be converted. I'm developing a chart that shows the name of the existing account and then the name of the account type to which it will be converted. I'm going to show specific items such as minimum balance to open, monthly service charge fees (including dormant fees, excess debit fees, per check fees, etc.), whether or not interest is paic (I'm not concerned about the interest rate as all of the existing account agreements allow us to change interest rates at any time without notice).

Before I go reinvent the wheel, has someone developed a similar chart that I can adapt? And what 'introduction' did you give to discuss the reasons for the change (if any were given)?
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I hear and I forget. I see and I remember. I do and I understand.--Confucius

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#1549748 - 05/11/11 08:29 PM Re: Deposit Account Changes Doug Hendrickson
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
Has anyone faced this issue before?
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I hear and I forget. I see and I remember. I do and I understand.--Confucius

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#1549760 - 05/11/11 08:38 PM Re: Deposit Account Changes Doug Hendrickson
Carolyn31 Offline
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Joined: Nov 2005
Posts: 101
Nebraska
We don't have a "chart" that would be transferrable. We are going through an update to our customer accounts - we had several grandfathered accounts and we are in the process of moving the accounts to current accounts. Its been a process - we sent out a letter letting them know that we no longer offer that product and this is the account that we would like to move them into. We sent the new brochures, fees, and minimums and a time frame that their account would be converted. The account list was broken down into branches and those branch personnel were informed that customers could start coming in and asking questions.

Are you getting new signature cards?

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#1549764 - 05/11/11 08:43 PM Re: Deposit Account Changes Carolyn31
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
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I wasn't going to get new signature cards unless it was required. I haven't seen what is being proposed yet, but I wanted to get a head start. I was hoping to avoid having to do any sort of 'individual' letters with new brochures, fees, etc. and just send a 'conversion chart' out to all customers.
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius

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#1550065 - 05/12/11 03:18 PM Re: Deposit Account Changes Doug Hendrickson
AuditorK Offline
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Joined: Feb 2003
Posts: 962
PA
We will be looking at something similar here in the near future as a result of our bank acquiring another small bank. We will be converting that bank's customers' accounts into our products. I was also hoping to put out a "conversion matrix" that shows what they have now and what they will be moved into. It would show fees, interest paid, min balances, transaction limitations, etc. I was also hoping to avoid sending out new disclosures.

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#1550176 - 05/12/11 04:15 PM Re: Deposit Account Changes AuditorK
dickr Offline
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dickr
Joined: Feb 2010
Posts: 356
Middlesex Cty NJ
PM me with your fax number and I can send you what I just received from another bank.
Last edited by dickr; 05/12/11 04:21 PM.
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#1550466 - 05/12/11 07:31 PM Re: Deposit Account Changes dickr
LSmith Offline
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LSmith
Joined: Dec 2002
Posts: 703
A letter explaining what is taking place is good, but basically if terms change, you must give a new truth-in-savings disclosure 30 in advance prior to making the change.

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