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#2257936 - 08/10/21 02:05 PM Change of account type
Comply Central Offline
Member
Joined: Aug 2018
Posts: 61
Years ago with offered a "Performance Interest Checking Account" that included life insurance. We have not offered those types of accounts for a while now and only have a small amount of the accounts left on the books. From what I understand the benefits for these accounts are pretty costly. Can we cancel these services and change the account type? I know that if possible, we will need to provide a 30 day notice and I would think the initial disclosures of the new account type. I just wanted to make sure we can cancel those accounts with them having the life insurance offered.

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#2257937 - 08/10/21 02:10 PM Re: Change of account type Comply Central
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,297
Galveston, TX
You would need to read all of the original depositor agreements and the life insurance contracts. It is probably best to engage legal counsel.
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#2257938 - 08/10/21 02:12 PM Re: Change of account type rlcarey
Comply Central Offline
Member
Joined: Aug 2018
Posts: 61
Thank you for your help!

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