QUESTION
Notice requirements for NJ Banks when increasing the minimum required balance to avoid a montly maintence fee.
Asked on Sep 23rd, 2012 on Business Law - New Jersey
More details to this question:
Can a NJ Bank legally provide notice of an increase in the minimum required balance for a business checking account to avoid a monthly maintenance fee at the bottom of a monthly checking account statement for the account?
1 ANSWER
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As a general matter, your relationship with your depository bank is determined by the terms of the agreement you signed when you opened the account. Few depositors retain a copy of the agreement, but the bank does. You should ask for a copy. It provides for the manner in which it may give you notice of changed terms.
Answered on Sep 30th, 2012 at 6:12 PM