Would This Be Discriminatory?

Answered by:

Question:

Can you offer a special checking account to a select group of people, ie: they all work at the same place, without discriminating against other customers if they are not employed by the same company?

Answer:

Answer by David Dickinson: Sure. First, there are no "Fair Deposit" rules - only Fair Lending rules. Second, the fair lending rules don't prohibit discrimination. They prohibit discrimination on the basis of age, race, sex, religion, martial status, etc. (protected classes).

You would be discriminating. However, from what you have described, I don't believe that you would be illegally discriminating, even if this was a credit product (and therefore subject to Reg B).

Answer:

Answer by Richard Insley: I agree with David. The only potential problem here would be if this group of people happens to be your board of directors.

First published on BankersOnline.com 1/30/06