Prior to conversion to a new core processor, We had 6 business now accounts that were grandfathered due to being old Mom and Pop stores. They were titled Business Now plus accounts. They stooped offering this product way before I ever was hired, but none the less, I have reviewed these same six accounts every year by checking their business status thru the Secretary of State. I requested a report of these accounts for my annual review. Somehow during our core conversion these six accounts were renamed. We will call them legacy checking accounts and no longer have the title of NOW plus. There is no difference in the way these products work, they just are no longer called a now account. We sent them a new disclosure that explained the name change. We did not however have these customers sign new signature cards

Do I still have 6 Now accounts even though the names were changed? or do I have bigger issues, since the signature cards state they were opened as a business now plus account.

There isn't enough information to determine whether these accounts were properly "grandfathered" i.e. whether the customers were eligible for the accounts at the time they were opened, but the law changed after the fact.

As these are business accounts, Regulation DD does not apply. Even if it did, your bank can change its label for any class of accounts at will, so long as you list those accounts correctly on your call report.

Since July 21, 2011 financial institutions have been able to pay interest on demand deposits; i.e. you can open an interest bearing account for any type of customer you want. The change did not eliminate NOW accounts; it simply made it unnecessary to offer them.

I suggest you just revise the accounts so you don't have to tell this story again.

I must confess a professional selfishness, that I like it when Elwood responds to a question first. Then all I have to do is type, “What he said.”