Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#1961354 - 09/11/14 07:23 PM Account Type Change
Slowpanic Offline
100 Club
Slowpanic
Joined: Mar 2010
Posts: 119
USA
We are wanting to do away with two types of accounts that we rarely use. I am trying to make sure that we notify our current account holders properly. Do we just need to provide current account holders with new disclosures 30 days in advance and give them time to notify us if they wish to select a different account type then the one we are moving them to? Is it really that easy, or am I missing something (or several things)? Thanks in advance.

Return to Top
Operations Compliance
#1961356 - 09/11/14 07:29 PM Re: Account Type Change Slowpanic
Sunshine Lady Offline
Platinum Poster
Sunshine Lady
Joined: Apr 2014
Posts: 673
You do have to notify them 30 days in advance and let me know what product you will be putting them in and that they have the option to close the account before the 30 days.

It is usually easy unless it has to do with checking and you are changing account numbers and the customer has direct deposits and auto debits.
_________________________
Define Success on your own terms, achieve it by your own rules, and build a life you are proud of. Anne Sweeney

Return to Top
#1961359 - 09/11/14 07:38 PM Re: Account Type Change Slowpanic
Slowpanic Offline
100 Club
Slowpanic
Joined: Mar 2010
Posts: 119
USA
Thank you, that's what I was thinking. Some of my new account reps are worried because the new sig. cards will not have signatures. I am thinking that since we have gotten signatures previously that we do not need to collect again. Am I correct in thinking this?

Return to Top
#1961365 - 09/11/14 07:42 PM Re: Account Type Change Slowpanic
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Why will there be new signature cards???
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1961368 - 09/11/14 07:47 PM Re: Account Type Change Slowpanic
Slowpanic Offline
100 Club
Slowpanic
Joined: Mar 2010
Posts: 119
USA
They are concerned because the signature card that the customer originally signed would have a different account type listed on it than the account they are being moved into. I do not see it as an issue.

Return to Top
#1961462 - 09/12/14 11:18 AM Re: Account Type Change Slowpanic
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Like I said, what signature card? How can you have a signature card without signatures - what good is it? You are going to need to document and maintain records of the change of terms on the account - why do you need a new signature card - have their signatures changed? I guess I don't understand the concept???
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z, John Burnett