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Inquiries from prospective customers

Occasionally, an out-of-town visitor will come in to a branch to ask about CD rates, new deposit accounts, etc. Since it’s likely they are not really going to open an account, do we have to provide that information?

There are certain triggers for providing specific information, some orally but others in writing. For instance, Reg. DD requires depository institutions to provide account disclosures to a consumer upon request. A response to an oral inquiry (by telephone or in person) about rates and yields or fees does not trigger the duty to provide account disclosures, but when consumers ask for written information about an account (whether by telephone, in person, or by other means), the institution must provide disclosures unless the account is no longer offered to the public.

Learn more about Patricia’s webinar Frontline Compliance Balancing Act

First published on 08/07/2016

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