Is this a "Free" Account

Answered by:

Question:

Do we have a Reg DD problem if we charge an account closing fee (assessed if account is closed within 30 days of opening) on an account we call "free" checking?

Answer:

No. This is not a maintenance or activity fee. Of course, you must disclose this fee in your initial TISA disclosure.

First published on BankersOnline.com 6/7/04/B>