Advertising “free” accounts with a fee for paper statements
I spent all of last week in Arlington with my team and a ballroom full of compliance professionals at our 2023 Regulatory Compliance School. It was a great time, and I want to say a big CONGRATULATIONS to our new group of NCCOs!
However, I’m glad to be home! I missed my husband, our new puppy, and my bed (and not necessarily in that order). By the way – meet Maple! Isn’t she the cutest?
At School last week, I presented on NCUA’s Truth in Savings rule, and I received an interesting question that I had seen a while before. So, I wanted to take this opportunity to share this information out with all of our dear readers, since it is a repeat. The question asked was: Can I call an account “free” if there are no fees associated with the account so long as the member signs up for electronic statements, but there would be a fee imposed for paper statements?
Unfortunately, there is not an explicit answer for this one. However, the regulators are definitely leaning more toward one direction.
continue reading »