Questions and Answers
Do we have to disclose that we reserve the right to require at least seven days written notice prior to withdrawal from a NOW account?
Under Reg. D, one of the requirements of a NOW account is that the institution reserve the right to require at least seven days written notice prior to a withdrawal. Reg. DD provides that if an institution reserves the right to require at least seven days written notice prior to withdrawal, this fact must be disclosed to the consumer. Thus, it appears that you do indeed have to disclose to the consumer that you reserve the right to require at least seven days written notice prior to withdrawal from a NOW account.
(Posted: 06/07/2008)Author Recommendations
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