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#2173796 - 04/17/18 02:59 PM consumer only savings account
crc Offline
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Joined: May 2004
Posts: 150
South Dakota
In newspaper ads we see "Institutional funds are not eligible."

1. What does that mean?

Our account will be for consumer customers only.

2. Could we not use "institutional..." and instead just say: "Consumer customers only"?

I don't believe there is a required wording, just describe any limitations.

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#2173797 - 04/17/18 03:05 PM Re: consumer only savings account crc
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
1. Who knows.
2. Yes
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2173812 - 04/17/18 04:20 PM Re: consumer only savings account crc
P*Q Offline

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P*Q
Joined: May 2001
Posts: 8,458
Somewhere
My guess is that institutional funds mean other banks looking to open accounts with another bank (usually we see CD's), especially if the rate is attractive and the ads mean the product is meant for consumers only.

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#2173814 - 04/17/18 04:22 PM Re: consumer only savings account crc
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
That is the problem - if you have to guess at a term presented in an ad - that leaves you with UDAAP issues.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2173815 - 04/17/18 04:25 PM Re: consumer only savings account crc
P*Q Offline

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P*Q
Joined: May 2001
Posts: 8,458
Somewhere
Not arguing Randy, agree 100%

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#2176737 - 05/04/18 06:26 PM Re: consumer only savings account crc
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
What the advertiser doesn't want is "hot" money that will leave as fast as it arrived if rates are more attractive elsewhere.
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