Skip to content

Debit Card Change In Terms-Before Product Launch

Answered by: 

Question: 
We are implementing a Visa Gift Card program that starts in October. Of course we have already ordered 50,000 disclosures. The disclosures inform of dormancy fees. The state of Georgia has enacted laws concerning this type of fee. My question is this: We will change the parameters of the program to not charge the dormancy fees. Will we be able to use the disclosure forms we have printed up or do we need to order new forms already?
Answer: 

I don't believe the state issue is of concern except that it is prohibited and disclosed. The removal of the fee is in the customers favor. If state laws on notification differ, you'll need to adjust for that. But I would believe that advance notice is not required. What I would do to provide notice so as to not be confusing or misleading, is to either have a sticker produced that corrects that issue or a one panel addendum. Provide this with the disclosures you have ordered, and correct the next order.

First published on BankersOnline.com 10/17/05

First published on 10/17/2005

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