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#757829 - 06/21/07 03:40 PM Waive minumum balances?
Nanwa Offline
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Nanwa
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Clintonville, WI, USA
Does the SCRA require that we waive minimum balances on servicemember's accounts, so they aren't service charged?

Also, could someone point me in the direction of the actual regulation? Everything I have been coming up with has been bits and pieces.
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#757849 - 06/21/07 03:51 PM Re: Waive minumum balances? Nanwa
Nanwa Offline
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Nanwa
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Clintonville, WI, USA
Found the SCRA under Alphabet Soup.

However, I am still not finding anything regarding deposits, and waiving minimum balance fees.
Last edited by Nanwa; 06/21/07 03:57 PM.
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#758575 - 06/22/07 01:26 PM Re: Waive minumum balances? Nanwa
Andy_Z Offline
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There is no requirement to waive deposit fees.

Loan fees are often waived because under the SCRA those are added into the interest. If you brought your rate down to 6% and charged a fee, you'd be over the cap.

But deposits are not addressed.
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