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Waiving Service Charges for Directors

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Question: 
Is waiving service charges for someone on board of directors a violation of Reg O?
Answer: 

No, it's not a problem for routine maintenance and activity charges. However, you should not pay directors a preferential interest rate on deposits, or waive overdraft charges on directors' personal accounts, the latter because of Regulation O restrictions.

First published on BankersOnline.com 05/3/04

First published on 05/03/2004

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