Amish account/ forfit interest

Posted By: parr04

Amish account/ forfit interest - 01/18/16 11:12 PM

Our bank currently does not offer any non interest bearing accounts. We have had some members of the Amish community ask us to stop any accrued interest payments to their accounts.
Can we "not" pay interest on an account where the disclosures state interest will be paid?
Posted By: JacF

Re: Amish account/ forfit interest - 01/19/16 03:40 AM

Can you alter the rate at the account level to pay 0% for the customers who do not wish to receive interest?
Posted By: Amandak

Re: Amish account/ forfit interest - 01/19/16 07:11 PM

You might want to start a program where they can donate their interest to a charity of their choosing if you can not stop paying interest.
Posted By: Elwood P. Dowd

Re: Amish account/ forfit interest - 01/20/16 12:26 PM

You can either:
* tell them you cannot accommodate their request or
* give them a non interest bearing account and a disclosure that is accurate according to Regulation DD (includes no disclosures regarding interest).

I've never encountered a bank that does not offer a non interest bearing account. What is the philosophy?