Also, keep in mind that changing from a DDA to a NOW account (if you went that route) would require more than just how you market/advertise the account as DDAs and NOW accounts are defined differently in Regulation D. For example, you will want to check with your CFO/Controller to see how these accounts are coded on your core and how that relates to the Call Report. I believe (but am not positive) that DDAs and NOWs are currently lumped together on the Call Report. However, they could eventually get segregated, so you need to ensure they are coded properly on your core if you make a marketing change. You will also need to look at your account disclosures to see if the products are different and if/what changes need to be made. For example, NOW accounts have a clause that reserves the right to require 7 days advance notice of withdrawal, which would need to be removed if you are converting the account to a DDA.
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Adam Witmer, CRCM
All statements are my opinion, not those of my employer, and should not be taken as legal advice.
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