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#1990724 - 01/23/15 06:47 PM New Accounts Personnel Changing Account Name
Cale_N_Oats Offline
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Cale_N_Oats
Joined: Aug 2008
Posts: 742
Southern Illinois
Our chief risk officer just brought this to my attention. Apparently our new account employees have been changing the name of our savings accounts from Savings to Christmas Club upon request by the customer at account opening. The terms and fees for both are the same, but the problem is we no longer offer Christmas Club accounts and so they are not listed in our TIS Brochures. Would this be a TISA violation? UDAAP? I've never come across this before so any input would be much appreciated.
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#1990742 - 01/23/15 07:16 PM Re: New Accounts Personnel Changing Account Name Cale_N_Oats
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,637
Galveston, TX
You have employees changing account titles on an existing account type to one you no longer offer? I'm sure you only have to fire one new account rep. to get that to stop.

Geez - what sort of input do you expect other than your new acct. reps need to go back to banking 101 school.

Change them back, send the customer a letter saying that you no longer offer that account and the title of their account was changed in error and they will notice that it refers to a Savings Account on their next periodic statement.
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#1990757 - 01/23/15 07:44 PM Re: New Accounts Personnel Changing Account Name Cale_N_Oats
Elwood P. Dowd Offline
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Elwood P. Dowd
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Next to Harvey
Who wants to bet: Some customers have complained that you no longer offer a Christmas Club. An enterprising "service oriented" employee has told the complainers: "Just open up an account and we will add "Christmas Club" to the title and you will know that you can't take any money out until Christmas!"

I don't agree with rlcarey's suggestion about firing someone. My personal preference is to kill them and eat them. grin
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#1990791 - 01/23/15 08:31 PM Re: New Accounts Personnel Changing Account Name Cale_N_Oats
JacF Offline

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Joined: Nov 2001
Posts: 6,719
PA
How does the signature card read? Does it say the customer is in the "Christmas Club" product, or the "Savings Account" product?

Does your account platform provide a place where you can enter a descriptor for reference purposes (such as "payroll account"). If so, could your reps simply use that field to assist customers in identifying which savings account is designated as their Christmas fund?

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#1990970 - 01/26/15 05:46 PM Re: New Accounts Personnel Changing Account Name Elwood P. Dowd
el guapo Offline
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el guapo
Joined: Jul 2004
Posts: 345
Originally Posted By: Ken_Pegasus

I don't agree with rlcarey's suggestion about firing someone. My personal preference is to kill them and eat them. grin


This kind of thing calls for an electrician that can wire up all the new account team seats to receive a nice attention getting zap every time the daily file maintenance review reveals more instances of this going on.

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#1990997 - 01/26/15 06:40 PM Re: New Accounts Personnel Changing Account Name Cale_N_Oats
John Burnett Offline
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John Burnett
Joined: Oct 2000
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Cape Cod
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