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#135228 - 12/01/03 07:12 PM Non Deposit Investments
Anonymous
Unregistered

There are two questions, the first can tellers hand out the Investment person's business card if the customer requests it? Second, the information relating to banking on the brochures, do this have to be bolded or set out by lines?

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Operations Compliance
#135229 - 12/02/03 03:24 PM Re: Non Deposit Investments
Anonymous
Unregistered

Tellers can refer business to an investment entity with giving out the investment entities card one way - as long as they don't discuss non-FDIC investments at all.

Investment brochures that refer to FDIC covering accounts should be clearly separated, so that practically anyone can tell which is covered by FDIC insurance. A bold line would probably work.

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#135230 - 12/04/03 02:16 AM Re: Non Deposit Investments
HRH Dawnie Offline
Power Poster
HRH Dawnie
Joined: Aug 2002
Posts: 7,353
Anchorage Alaska
Most banks do not allow investment (non-FDIC) product literature to be anywhere near the teller line. While it may be allowed to hand out the card, are you really having customers ask, by name, for the business card of your investment representative?

You really take a risk having a teller say anything more than "did you know there are other options to invest in besides your savings account?"

IF the client says no? the teller then can refer to a sales person on the other side of the bank, AWAY From the FDIC signs you have all over your teller cages! This is the only safe way to ensure compliance with both FDIC and SEC rules. As soon as you empower your tellers to do more, you start playing with really ugly fire potential.

This comes from a previously licensed investment rep in a branch setting. We never allowed any non-fdic investment literature to cross the teller line. We were also never cited for purposely confusing our clients, which some banks who allow teller areas to contain this information have been.
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#135231 - 12/04/03 07:05 PM Re: Non Deposit Investments
Matt1 Offline
100 Club
Matt1
Joined: Apr 2003
Posts: 129
Not to beat a deadhorse, here, but yes tellers can hand out cards of the investment representative. The investment brochure should be a separate document from the account brochure. You should avoid mixing the bank product literature and the investment product literature.

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