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#448153 - 10/27/05 04:10 PM employee account language
regwhy Offline
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Joined: Sep 2005
Posts: 109
Midwest
Trying to come up with language for a deposit account for employees that says when they are an employee they don't have to pay the fee, but will be charged if they cease employement.

Anyone care to critique or share what they use?

"The maintenance fee will be waived for employeees of NAMEOFBANK, however upon employee termination, a maintenance fee of $3.50 (plus applicable tax) will be imposed for each statement cycle."

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Operations Compliance
#448154 - 10/27/05 05:20 PM Re: employee account language
Anonymous
Unregistered

I prefer the term "termination of employment" rather than employee termination. Other than that, I think your verbiage if fine.

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#448155 - 10/27/05 06:13 PM Re: employee account language
Jokerman Offline
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Joined: Nov 2003
Posts: 12,846
Why don't you just give them a disclosure that includes the fee, but waive it as long as they are an employee?

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#448156 - 10/27/05 07:10 PM Re: employee account language
Anonymous
Unregistered

We do what jokerman says. No one ever complains after termination that they didn't receive a proper disclosure. Examiners haven't commented on it, I'm not sure they've ever asked about it.

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#448157 - 10/27/05 09:21 PM Re: employee account language
RBanker Offline
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RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Ditto Jokerman. In your employee handbook it should outline those fee waivers as a benefit, etc, etc
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My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.

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#448158 - 10/28/05 01:18 AM Re: employee account language
Banker Boy Offline
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Banker Boy
Joined: Oct 2003
Posts: 69
Florida
We give employees an addendum to the standard disclosure that states something to the effect that while they are an employee, the terms in the addendum are in effect and when they are no longer employed by the bank, the standard disclosure takes effect.

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#448159 - 10/28/05 01:02 PM Re: employee account language
RBanker Offline
Power Poster
RBanker
Joined: Jul 2003
Posts: 2,675
Austin Texas
Which for us is in the employee handbook - easiest place to put it, they all get it, no one has to remember anytime they open an account.
_________________________
My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.

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