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Contract Specified No Additional Deposits to CD

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What are the ramifications of allowing additional deposits to a certificate of deposit when the contract specifically prohibits that? No additional disclosures are given to the customer upon receipt of the additional funds.

Arguably, the TISA disclosure was wrong. Also, if the rate being paid on the original instrument is higher than currently available there may be a suggestion that a bank employee is abusing his position.

First published on 1/23/06

First published on 01/23/2006

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