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#1590391 - 08/10/11 08:24 PM Senior Checking Account
ozzie Offline
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Joined: Jun 2003
Posts: 155
I just need to confirm that it is OK to offer a checking account with a required age of 50 to qualify. We will be paying interest and not charging a service charge. Thanks for the help.

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Deposits and Payments
#1590531 - 08/11/11 12:08 PM Re: Senior Checking Account ozzie
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,388
Galveston, TX
There are no specific fair deposit regulations.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1590536 - 08/11/11 12:27 PM Re: Senior Checking Account ozzie
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
Originally Posted By: ozzie
I just need to confirm that it is OK to offer a checking account with a required age of 50 to qualify. We will be paying interest and not charging a service charge. Thanks for the help.

Just be sure not to offer anything free with it that relates to a loan, such as a waived application fee.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
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#1590543 - 08/11/11 12:44 PM Re: Senior Checking Account Kathleen O. Blanchard
Bob The Banker Offline
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Bob The Banker
Joined: May 2010
Posts: 958
Originally Posted By: Kathleen B
Originally Posted By: ozzie
I just need to confirm that it is OK to offer a checking account with a required age of 50 to qualify. We will be paying interest and not charging a service charge. Thanks for the help.

Just be sure not to offer anything free with it that relates to a loan, such as a waived application fee.

Not even free, even just a rate discount or closing cost discount will be a fair lending violation.

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#1590713 - 08/11/11 03:53 PM Re: Senior Checking Account Bob The Banker
JoeCompliance
Unregistered

remember ready reserve is a type of loan.
personal experience...

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