Skip to content

Can Bank Force Employee to Open Account?

Answered by: 

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

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 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