Skip to content

Notice for Closing Acct. Suspicious Activity

Answered by: 

If we intend to close a checking account due to suspicious activity (SAR has been filed), how many days notice must we give the customer when they have direct deposit to the account?

Federal government regulations call for a notice of 30 days if the account receives direct deposits of recurring federal payments (payroll, SSA, SSI, federal retirement pay, etc.) unless fraud is involved. If there aren't any direct deposits, consult your deposit agreement language for the notice requirement there.

If fraud is involved, I suggest providing the notice and closing the account today. You can make arrangements for turning over any direct deposited credits if they arrive after your summary action.

First published on 9/10/12

First published on 09/10/2012

Filed under: 
Filed under compliance 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