It was mentioned at external training that bank staff recently attended, that on Savings accounts, bank must reserve the right to require a seven-day advance notice of withdrawal, and that this information must be included in the account agreement with the accountholder. Is this typically disclosed in the TISA, account terms and conditions, or someplace else? And is it simply stated something like this: "We reserve the right to require a seven-day advance notice of withdrawal."

Comment 4(b)(5)-1.iii:


You don't need to disclose it in your TISA disclosures, but it has to be included in the deposit agreement/contract, for savings, NOW and MMD accounts.

Thank you. And this would apply to business savings, MMDA and NOWs as well?

Yes. Of course, you won't have many business NOW accounts.