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#1742867 - 09/21/12 01:10 PM notice of change on certificate of deposit
pchandler Offline
Junior Member
Joined: Mar 2004
Posts: 37
We are considering changing the minimum to open a cd if it is less than 3 years. Most of our accounts are automatically renewed. We will be changing our new account disclosure. Are we required to send a change notice to existing customers?

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#1742878 - 09/21/12 01:22 PM Re: notice of change on certificate of deposit pchandler
rlcarey Online
10K Club
Joined: Jul 2001
Posts: 79,926
Galveston, TX
Only if you are going to require them to meet the minimum deposit amounts at the time of renewal. At that time you would send the full TISA disclosure that is required anyway outlining the new minimum deposit amounts. As a customer service, I would suggest, if they are not going to meet the new minimum deposit amount, then you probably want to also give them instructions on how the redemption process would work.
The opinions expressed here should not be construed to be those of my employer:

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