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TIS – Two signatures required

Home Forums Truth in Savings Act/ Regulation DD TIS – Two signatures required

This topic contains 1 reply, has 2 voices, and was last updated by  rcooper 2 months, 4 weeks ago.

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  • #16054

    kmeade
    Participant

    On checking accounts where two (2) signatures are required, per the account agreement (signature card), can we stop this practice on existing accounts? If yes, how?

    Would it be compliant and legal to send a notice stating after a specific date we will no longer offer the service of reviewing checks for two signatures or there will be a monthly charge for this service? Can we make this change without the account holders’ consent (with proper notice), or do we need something signed saying they agree with the new terms before it can be implemented?

    #16058

    rcooper
    Keymaster

    This is a contract between you and the customer. If the contract specifically states you may make changes without the customer’s consent then I think you could notify the customer. Otherwise, for existing customers who have this type of agreement, I would obtain a revised agreement from the customer before making the change.

    This is just my two cents. You should contact an attorney for legal advice.

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