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BankersOnline.com Forums State-Specific Compliance Issues Texas Compound Interest Requirement
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#2229323 - 01/17/20 07:29 PM Compound Interest Requirement
WABComply Offline
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Joined: Jul 2017
Posts: 229
Will be opening a new branch in TX shortly. Currently reviewing TIS disclosures. I cannot locate any requirement to compound interest in a certain way. Just reaching out to see if that is correct and the Bank can compound interest on savings account how they chose. Thank you.

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#2229325 - 01/17/20 07:37 PM Re: Compound Interest Requirement WABComply
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
I am not aware of any specific requirement under State law.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2229326 - 01/17/20 07:38 PM Re: Compound Interest Requirement WABComply
The OG Zaibatsu Offline
Diamond Poster
The OG Zaibatsu
Joined: Dec 2007
Posts: 1,714
Texas
Agree.
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Only two things that money can't buy, that's true love & homegrown tomatoes

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#2229327 - 01/17/20 07:38 PM Re: Compound Interest Requirement WABComply
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
If you are going to be doing any mortgage lending, you better have someone brush up on those laws however. As they say "Texas is a whole 'nother country".
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2229328 - 01/17/20 07:39 PM Re: Compound Interest Requirement WABComply
The OG Zaibatsu Offline
Diamond Poster
The OG Zaibatsu
Joined: Dec 2007
Posts: 1,714
Texas
Agree.
_________________________
Only two things that money can't buy, that's true love & homegrown tomatoes

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#2229329 - 01/17/20 08:48 PM Re: Compound Interest Requirement WABComply
WABComply Offline
100 Club
Joined: Jul 2017
Posts: 229
Yes, I was deep into TX along time ago. I have advised everyone prior to when we opened our LPO. Hopefully they took my advise. Thank you.

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