Answer:
These have been posted in the threads before but are included here for quick reference. You may use them as a starter template for your series.
LETTER 1
RE: Money Market Account No.
Dear ,
A review of your Money Market Deposit Account indicates you have exceeded the number of transactions permitted by federal regulations.
Enclosed is a copy of our Money Market Deposit Account disclosure describing the transaction restrictions. You may review this disclosure to re-familiarize yourself with the transaction limitations if necessary.
We feel certain that the excessive transactions were an oversight. We are requesting that you limit the activity in this account to the number permitted by federal regulations.
We appreciate your business and look forward to continuing to serve all your banking needs. Should you have any questions, please feel free to contact me at .
Sincerely,
enc.
LETTER 2
RE: Money Market Account No.
Dear ,
Federal regulations dictate the number of limited type transactions allowed for your Money Market Deposit Account (MMDA). As required by regulation, we monitor these accounts to insure the transaction restrictions are observed. Upon review of your statement for the month of , we noted that you exceeded the permissible number of limited transactions. Previous correspondence to you on [date] cautioned you about these limitations and included information about which types of transactions are restricted.
You can have us mail a check payable to you, visit the bank to withdraw money, or you can withdraw money with your ATM card. These are not third party transactions and are not limited, although normal transaction fees may apply.
We appreciate and value your business, and we look forward to serving your banking needs in the future. However, if the federally mandated transaction limits are exceeded again we will have to work with you to change your account to one that's more suited to your apparent banking transaction needs.
If you have any questions regarding this regulation or transaction limits, please call me at .
Sincerely,
LETTER 3
RE: Money Market Account No.
Dear ,
You have again exceeded the transaction limits allowed for Money Market Deposit Accounts (MMDAs). The same federal regulation which imposes the transaction limitations requires us to close or convert accounts exceeding the limits to a more suitable account product. Within one month from the date of this letter we must change your account to a more suitable product. Based on your account balance and history with us we recommend a/an , but the choice is yours . If we do not hear from you within the next month, your account will automatically be converted. In any case you will be able to use your current checks as your account number will remain the same. To defray the cost of your first order of checks, upon request we will credit your account, up to $8.95.
Enclosed is a Personal Banking Services Brochure which explains the advantages of your recommended account along with other accounts we offer. Important disclosure information is also enclosed. If you decide a different account will better meet your needs, please advise us as soon as possible.
If you have any questions regarding your new account, please call me at .
Sincerely,
First published on BankersOnline.com 11/05/07; updated 11/26/12
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