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#2127335 - 04/20/17 06:45 PM Terms & Conditions
Miss Comply Offline
Member
Joined: Mar 2012
Posts: 81
Just curious, does anyone else provide a Terms and Conditions document to customers opening a new time deposit account? We do, but if you look through the document, the majority of it pertains only to transaction accounts.
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#2127359 - 04/20/17 07:52 PM Re: Terms & Conditions Miss Comply
MCCompliance Offline
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Joined: Nov 2012
Posts: 102
We did because "that's the way it's always been done." We stopped providing it, though, about 2 weeks ago. Like you said, the information in it doesn't pertain to the time deposits. The T&C's that apply to time deposits are disclosed elsewhere.
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#2127373 - 04/20/17 08:25 PM Re: Terms & Conditions Miss Comply
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
This is really a bank by bank situation. Not all banks use the same forms nor do those form tie together in a consistent manner. You need to sit down with your legal counsel before you stop giving them to be sure it doesn't cause problems with your overall deposit contract with the holders of your CDs.
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#2127403 - 04/20/17 10:37 PM Re: Terms & Conditions rlcarey
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
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Said differently: Only someone who read the document could provide an intelligent response.
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