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Contract Specified No Additional Deposits to CD

Answered by: 

Question: 
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.
Answer: 

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 BankersOnline.com 1/23/06

First published on 01/23/2006

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