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#29113 - 08/23/02 04:17 PM Closing Fee
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
A suggestion has been made that we consider charging a "closing fee" on DDA and Savings accounts. Example if customer closes account within 90 days of opening we'd charge $X. I know this would have to be disclosed in TISA disclosures, but does this create any other issues? My concern is would we have inadvertently placed a term on an account, thereby negating it as a DDA?
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The opinions expressed are mine and do not necessarily reflect those of my employer.

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Operations Compliance
#29114 - 08/23/02 05:02 PM Re: Closing Fee
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,468
On the Net
These fees are common and are meant to compensate the bank for the work that went into setting up the account. It doesn't change any account structures.
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AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#29115 - 08/23/02 05:05 PM Re: Closing Fee
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
Thanks Andy...
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