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#2059204 - 01/18/16 11:12 PM Amish account/ forfit interest
parr04 Offline
Gold Star
Joined: Aug 2004
Posts: 386
oklahoma
Our bank currently does not offer any non interest bearing accounts. We have had some members of the Amish community ask us to stop any accrued interest payments to their accounts.
Can we "not" pay interest on an account where the disclosures state interest will be paid?

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#2059207 - 01/19/16 03:40 AM Re: Amish account/ forfit interest parr04
JacF Offline

Power Poster
Joined: Nov 2001
Posts: 6,719
PA
Can you alter the rate at the account level to pay 0% for the customers who do not wish to receive interest?

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#2059314 - 01/19/16 07:11 PM Re: Amish account/ forfit interest parr04
Amandak Offline
Member
Joined: Jul 2013
Posts: 80
Wisconsin
You might want to start a program where they can donate their interest to a charity of their choosing if you can not stop paying interest.

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#2059412 - 01/20/16 12:26 PM Re: Amish account/ forfit interest parr04
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
You can either:
* tell them you cannot accommodate their request or
* give them a non interest bearing account and a disclosure that is accurate according to Regulation DD (includes no disclosures regarding interest).

I've never encountered a bank that does not offer a non interest bearing account. What is the philosophy?
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