Truth In Savings - Change in Product

Posted By: mnbanker09

Truth In Savings - Change in Product - 09/30/19 06:27 PM

Can (or should) a Truth in Savings disclosure include additional terms that if certain conditions are not met, that the product will revert to a different product offered by the Bank? For example, Product A requires that direct deposit is established within 60 days, if not, the account will revert to Product B. Anyone have experience with this? Thanks!
Posted By: rlcarey

Re: Truth In Savings - Change in Product - 09/30/19 07:40 PM

Are you planning to mail them Product B disclosures if they revert???
Posted By: mnbanker09

Re: Truth In Savings - Change in Product - 09/30/19 07:59 PM

Yes. 30 days in advance of the change in product type.