Skip to content
BOL Conferences
Thread Options
#1769246 - 12/20/12 03:42 PM TAG
Susielou Offline
Gold Star
Joined: Aug 2005
Posts: 362
Midwest
Do we need to send a notice about the TAG expiration to customers?

Return to Top
Deposits and Payments
#1769248 - 12/20/12 03:44 PM Re: TAG Susielou
manimal Offline
Diamond Poster
manimal
Joined: Feb 2008
Posts: 2,207
Deleted
_________________________
We're all here 'cause we've lost control.

Innerpartysystem

Return to Top
#1769257 - 12/20/12 03:48 PM Re: TAG Susielou
Doug Hendrickson Offline
Power Poster
Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
The FDIC has 'encouraged' notification in the FIL, but it is NOT mandatory.

http://fdic.gov/news/news/financial/2012/fil12045.pdf

Last edited by Doug Hendrickson; 12/20/12 03:48 PM.
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius

Return to Top
#1769299 - 12/20/12 04:24 PM Re: TAG Susielou
Susielou Offline
Gold Star
Joined: Aug 2005
Posts: 362
Midwest
So, how strong is "encouraged" to notify customers? If we do nothing, will that be seen as non-compliant?

Return to Top
#1769308 - 12/20/12 04:31 PM Re: TAG Susielou
manimal Offline
Diamond Poster
manimal
Joined: Feb 2008
Posts: 2,207
Deleted
That is up to your institution to decide. Some banks are notifying all customers, some just accounts with balances high enough to be affected by the expiration of unlimited insurance. Your lobby notice says clearly that the unlimited insurance expires 12/31/12. Make sure that and any website notices come down after the first of the year.
_________________________
We're all here 'cause we've lost control.

Innerpartysystem

Return to Top
#1769310 - 12/20/12 04:34 PM Re: TAG Susielou
Doug Hendrickson Offline
Power Poster
Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
I've given a list of affected accounts to senior management. I've also explained what the expiration of TAG may mean to some customers. It will be their decision if they choose to notify those customers.
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius

Return to Top
#1769978 - 12/21/12 10:33 PM Re: TAG Susielou
Lele Offline
Platinum Poster
Lele
Joined: Feb 2007
Posts: 827
In the Sun
I notified only those with balances over $250,000. I also notified those officers on the accounts just so they will be ready if there are any questions or concerns. We only had a handfull.
_________________________
Faith is seeing light with your heart when all your eyes see is darkness...

Return to Top
#1770560 - 12/27/12 01:46 PM Re: TAG Susielou
Banker Offline
100 Club
Joined: Oct 2007
Posts: 128
Southeastern US
We put a statement message for the month of January on all accounts that are non-interest bearing.

Return to Top

Moderator:  John Burnett