Thread Starter: BrianC
Title: Re: Special Terms and Rate for One CD Account
|
1. You are stuck with whatever rate was disclosed on the TISA at account opening until account maturity. If the CD automatically renews, you provide updated disclosures 20 calendar days prior to the end of the grace period stating the new terms.
2. The bank is free to offer negotiated deposit rates to specific customers, but the process should be dictated by policy and procedures and your ALCO committee should be in charge of how this process is handled to appropriately manage the bank's interest rate risk.
3. No. There are no "Fair deposit" regulations and staff may negotiate rates (again subject to limitations, authority levels and procedures put in place by the ACLO Committee).
4.The Audit Department should have a directly line to either the audit committee or the equiivalent board/board committee. Since you ae independent of reporting to management, you should have the authority to provide your concerns to the applicable board members. It is then their fiduciary responsibility to determine if they are comfortable with the risks management is taking in lack of oversight of business lines or if accountability needs to be enhanced.
|
|
|
|
