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Is anyone going to continue charge an excess items fee on savings accounts even though you’re not monitoring for the more than six “convenience items”? If so, how are you wording the disclosure you’re sending out to your savings customers? Thanks for you help.
A CMG member who is keeping the excessive tranfer/withdrawal fee for savings accounts shared with us they are using the language below as a statement message. When creating a statement message, or before using a sample message provided by another banker, make sure if fits your banks process.
“Due to recent changes by the Federal Reserve Board, customers with Savings or Money Market Accounts who exceed six (6) withdrawals per month will no longer be required to switch to a transaction (checking) account.
This change does not affect the current fee structure of your account. Withdrawals over the six (6) per month limit will be assessed their normal excessive fee. See account disclosures for details. If you have any question, please call 1-800-***-****.”
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