Change in terms and contract provisions

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Question:

If our EFT Disclosure specifies that we will provide at least 21 days advance notice of a change in terms and our account Terms and Conditions that we provided to all deposit account customers states that we will provide at least 30 days notification of any change in terms, which one applies?

Answer:

For any change in term that is covered by Regulation E, the 21 days advance notification requirement would take precedent over the provision in your account Terms and Conditions contract.

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Learn more about Nancy Derr-Castiglione’s webinar Change in Terms – Regulatory Issues for Deposit and Loan Accounts