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#505321 - 02/27/06 06:07 PM free checking
beegee Offline
Diamond Poster
Joined: Feb 2004
Posts: 1,093
South
Would a checking account be considered FREE if the only fee charged would be a monthly fee for ATM/Debit card. The ATM/Debit card is not required in order to obtain the account.

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Operations Compliance
#505322 - 02/27/06 07:54 PM Re: free checking
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,684
Cape Cod
"Fees for ATM or electronic transfer services (such as preauthorized transfers or home banking services) not required to obtain an account" are specifically excluded from the regulation's description of maintenance and activity fees that would prevent the use of the word "free" to describe the account (see the Commentary).

As long as the card is not required to obtain or maintain the account, you need not consider the fee for the card as defeating your ability to use "free" to describe the account in advertising.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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#505323 - 02/27/06 07:57 PM Re: free checking
beegee Offline
Diamond Poster
Joined: Feb 2004
Posts: 1,093
South
thanks John - that was my understanding also but wanted to bounce it off the board.

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