Questions and Answers
We are planning to increase our fees for dropping below the minimum balance requirements. Are we required to provide notice of this?
Yes. Truth in Savings will require that you give advance notice to consumers or members of any adverse change in terms. Increasing a fee associated with an account would be considered adverse. Your notice must describe the change and the effective date of the change. This notice must be sent at least 30 calendar days before the effective date of the change. For more information, see 12 CFR 230.5.
(Posted: 09/18/2007)
