Answer:
There is no federal prohibition or requirement specific to this. Your own counsel can best guide you on your account agreements. You may want to specifically state that the laws of YOUR state apply. Counsel can also advise you on if this will be binding in all cases or if any exceptions, such as escheat rules, apply based on the laws of the state where the customer actually was residing. Real property laws for loans will apply based on where the property is. Otherwise, there should be little difference between opening an account for a customer residing in a different state than where you are, and the customer moving after opening the account with you locally.
First published on BankersOnline.com 2/04/08
print
share