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Restrictions on "Free" Business Checking Accounts

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"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"?

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 6/20/05

First published on 06/20/2005

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