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#2211929 - 04/24/19 12:26 PM Account Closure Fee
Cat Lover Offline
100 Club
Joined: Jun 2016
Posts: 147
If you disclose in the fee schedule an "account closure fee" does it read exactly the same in the account statement? or can it be shown as "account service fee"?

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Operations Compliance
#2211930 - 04/24/19 01:12 PM Re: Account Closure Fee Cat Lover
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,226
Galveston, TX
Section 1030.3--General Disclosure Requirements

(a) Form.

2. Consistent terminology. Institutions must use consistent terminology to describe terms or features required to be disclosed. For example, if an institution describes a monthly fee (regardless of account activity) as a “monthly service fee” in account-opening disclosures, the periodic statement and change-in-term notices must use the same terminology so that consumers can readily identify the fee.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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