Skip to content

Restrictions on "Free" Business Checking Accounts

Answered by: 

Question: 
"Free Business Checking" is what is being advertised; my question is that, if the disclosure states that customers get 400 free items per month and an excess item fee is $0.18 per item, can this still be advertised as "Free Business Checking"? If "NO," can we denote "Certain restrictions apply"?
Answer: 

If these are business accounts, Truth in Savings, implemented by Reg. DD, will not apply. The only thing you have to worry about is if your ad is misleading or deceptive and what disclosures are made when the account is opened. State laws could impact this if they affect business account ads. In Texas, as an example, new account laws refer to Reg. DD, so there shouldn't be an issue as to that.

First published on BankersOnline.com 6/20/05

First published on 06/20/2005

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