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#665155 - 01/11/07 09:41 PM Revoking ODP
master of nothing Offline
New Poster
Joined: Dec 2005
Posts: 11
Can the standard AA Notice be used to revoke an ODP from a deposit customer? First time we are taking something away b/c we usually grant ODP and not revoke.

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#666480 - 01/16/07 04:18 PM Re: Revoking ODP master of nothing
Bear Collector, CRCM Offline
Diamond Poster
Bear Collector, CRCM
Joined: Nov 2000
Posts: 1,830
District of Columbia
Why you are taking it away? Is this a courtesy ODP, or a line of credit the customer had to apply for through your bank's credit process? If this is a courtesy ODP, and your decision is based solely to your own experience with the customer, then your initial disclosures should already address this and should be adequate. If, on the other hand, you are basing your decision on 3rd party information, such as a credit bureau report, then some kind of notice would be required. Whether it is the FCRA notice and/or the Reg B notice would depend on whether this is a credit product or a courtesy overdraft program.
BC
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