Skip to content

Can Bank Force Employee to Open Account?

Answered by: 

Question: 
Can a bank force an employee to force his family or friends to open accounts at his place of employment?
Answer: 

Of course not. If the bank is attempting to require direct deposit of payroll to an employee deposit account, both the Electronic Fund Transfer Act and Regulation E prohibit such a requirement, although the bank can mandate direct deposit to an account at a bank designated by the employee.

First published on BankersOnline.com 5/27/13

First published on 05/27/2013

Filed under: 
Filed under operations as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics