Closing Fee

Posted By: OnTheEdge

Closing Fee - 08/23/02 04:17 PM

A suggestion has been made that we consider charging a "closing fee" on DDA and Savings accounts. Example if customer closes account within 90 days of opening we'd charge $X. I know this would have to be disclosed in TISA disclosures, but does this create any other issues? My concern is would we have inadvertently placed a term on an account, thereby negating it as a DDA?
Posted By: Andy_Z

Re: Closing Fee - 08/23/02 05:02 PM

These fees are common and are meant to compensate the bank for the work that went into setting up the account. It doesn't change any account structures.
Posted By: OnTheEdge

Re: Closing Fee - 08/23/02 05:05 PM

Thanks Andy...