- This topic has 1 reply, 2 voices, and was last updated 7 years, 2 months ago by
.
-
Posts
-
I’m drawing a blank on this one…
Is there any consumer regulation that controls the interest rates we pay on savings accounts and CD’s?
We have one large depositor that gets a better rate than everyone else. Is this a violation of anything?
Thanks!
There is not a regulation that controls the interest rate you will pay on a deposit account. Some banks negotiate rates for certain (usually high dollar) customers. Also, there isn’t a regulation that would mirror fair lending, but I would argue that you need to apply the same principles and negotiate rates on an equitable basis, regardless of a prohibited basis, due to reputational risk.
There are prohibitions on preferential rates being paid to a director, officer, attorney, or employee. (https://www.law.cornell.edu/uscode/text/12/376).
- You must be logged in to reply to this topic.