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Require Opening Deposit Acct. for Loan Request?

Question: 
Can ​we ​require a borrower to open a deposit account with our institution ​as a condition for approving their loan request?
Answer: 

by Randy Carey: Sure, if you want a bunch of worthless deposit accounts with $5 in them.

Answer: 

by Jim Bedsole: Yes. You can even mandate a specific minimum balance that must be maintained in the deposit account to avoid the worthless deposit account scenario presented by Randy. Tying prohibitions specifically exclude tying to traditional banking products/services, so tying a deposit account to a loan request is OK.

First published on 01/15/2017

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