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Notice requirements for closing an account

Question: 
How much notice do we have to give the owner of a personal account of our intent to close her account?
Answer: 

If the account is receiving direct deposits of federal benefit payments, you have to provide 30 days’ notice unless fraud is involved. State law may also set a notice period. If federal and state rules aren’t involved, review your deposit contract for any agreement on notice.
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Learn more about John Burnett’s webinar DEPOSIT ACCOUNTS: Closings and Changes

First published on 08/25/2019

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