Requiring a loan applicant to have an account

Mary....I tried to do this formally several times in my 44 year career....the issues are complex...you may require a deposit account up front with a certain dollar amount but monitoring is another matter...to my knowledge you can require they open an account but trying to enforce a dollar amount minimum is not practical or legal...Jeff

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Jeff Smith
President & CEO
Unity National Bank of Houston
Houston TX
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Original Message:
Sent: 08-22-2019 10:14
From: Mary Fowler
Subject: Requiring a loan applicant to have an account

We are getting mixed messages on whether we are allowed to require that a customer have a deposit account with us before making them a loan.  Anyone have the answer?

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Mary Fowler
Chief Executive Officer
The Peoples Bank
Magnolia AR
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