Skip to content
 

Who has to acknowledge a change in terms?

Answered by: 
Randy Carey

Question: 
We are changing our passbook savings accounts to regular savings accounts or money market accounts. The account numbers and signers are not changing. The only thing changing is the account type. Can any signer on the account make the change and sign for the change, or is it required that all signers sign for the change so that everyone on the account acknowledges it?
Answer: 

On deposit accounts, banks usually reserve the right to make changes to the depositor's agreement. I have not heard of a bank getting a signed acknowledgement from a customer on a change to a deposit account. If you believe it is necessary, then you should be consulting with your legal counsel.

First published on 11/05/2023

Filed under: 
Operations
Filed under operations as: 
Reg. DD

Report a problem with this page

Search Topics