Review Alliance: Did You Know?

Did you know it’s important for the bank to keep track of all active NOW Accounts?  Remember NOW accounts are not the same classification as business/commercial interest bearing transaction accounts. 

NOW Accounts can be maintained in the following: 

    • 1 or more individuals including sole proprietorships
    • Not for profit organizations, operated primarily for religious, charitable, educational, political, philanthropic, or similar purpose.
    • Officers, employees, or agents of public entities
    • Funds held in the banks trust department 

Did you know that on the calculating cash to close table on the Closing Disclosure accuracy of these numbers is vital?           

  • The column “Did This Change?” should disclose an answer that is distinguishingly more prominent than the other disclosure under this same section.
  • The example model form shows this as being not only capitalized, but also in bold letters.