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#2227794 - 12/19/19 05:33 PM Deposit Acct Req as Condition for Loan Approval?
POWFNB Offline
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Joined: Oct 2009
Posts: 107
Can a bank require a consumer to open a deposit account as a condition for loan approval? Not require them to auto draft from the account, just require a consumer to open an account.

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Lending Compliance
#2227795 - 12/19/19 05:59 PM Re: Deposit Acct Req as Condition for Loan Approval? POWFNB
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
Sure you can - it is actually a great way to open deposit accounts that are never used and that are money losers. Plus all the people that are not interested taking their lending business elsewhere.
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#2227811 - 12/19/19 07:41 PM Re: Deposit Acct Req as Condition for Loan Approval? POWFNB
POWFNB Offline
100 Club
Joined: Oct 2009
Posts: 107
Haha. Thanks

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