Skip to content

Re-CIP to Re-Open DDA Account?

Answered by: 

DDA customer account auto closes because the balance went to zero. Customer comes in 2 days later wondering what has happened. Must they be re-CIPed to re-open their account?

The account is closed; i.e. you no no longer have a contract. If this person does not have any other accounts with you, he is no longer a "customer" under the CIP regulation.

If this person wants to open a new account, then he is a new "customer" for the purposes of CIP. The fact that your bank chooses to assign a previously used account number has no effect.

First published on 05/12/2014

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