I am trying to make up a cheatsheet for our frontline employees in regards to required disclosures for our new account packets. What would the required disclosure be for a new Checking Account? and also a new Savings Account?

It might be of more value to you if you posted your first draft and asked if others could see anything you left out.

You may want to check out the New Account Checklist in the Compliance Tools section of BOL

Thank you. I've found the checklist in BOL and it is VERY helpful!! Althought I do have a question. On the checklist it seems that the section for Reg E doesn't pertain to Savings accounts. I thought it did.

Also, the substitute check 21 disclosure: do you give that to all savings accounts or just MMDA?

1. Depends if you allow Reg E transactions on savings accounts or not.

2. Unless you are returning actual items to the customer with their statements, you don't have to give a Check 21 disclosure on any type of account.

rlcarey

1. We do allow customers to attach a Debit Card to their savings account.

2. This is where I get sort of confused. We give customers images of their checks with their statements (if they request) otherwise all of our checks are scanned and stored. Would Check 21 apply?

1. Then an EFT disclosure is required.

2. Images don't count.