We're currently looking into whether an Assignment of Deposit Account is a required when taking a deposit account with our bank as collateral for a loan. Our loan origination system produces both a Security Agreement & a very generic General Assignment form. We're wondering if we're covered by just having the customer sign the Security Agreement and not completing the General Assignment. Does anyone else just have the customer sign a Security Agreement for a deposit account?

Without knowing your State law and what is included in the Assignment document, you need to run this by your legal counsel.

Wisconsin based bank here, we do a combined note and csa and an assignment.