HELP - Form No for Non-Interest Bearing Account

by Smiling Topaz Sat Feb 25, 2012 7:14 pm

In one of the posts somewhere, I noted that there is a specific form that the bank gives you, and/or you sign. when you get a non-interest being account to assure you that it is in the U.S. Treasury non-interest bearing account under the Frank-Dodd act. I read it this past week and forgot to write it down. Does anyone else recall seeing that message? Many banks do not apparently really understand this distinction and may be opening non-interest bearing checking accounts for some folks. I thought the Form no was four digits and may have begun with the number 7. This might help a lot of people. Thanks everyone...

by HeadNotTheTail Sat Feb 25, 2012 7:24 pm

None interest B. acct. are easy....The least of the checking accounts are NON interest and are covered by the FDA. I called my Bank WF and check my account and it was already a non i. acct. it is the least of accounts,,, guess that don't say much for me ,lol But the fact is that I can not make Money on interest ...

by Taos Artist Sat Feb 25, 2012 11:44 pm

Agreement to Terminate Interest

The form # is DSG7322 and check Amendment (Part A) from Wells Fargo only. It must also notarised from an outside notary..Bank employees are not allowed to do this for you. I doubt you will be insured without this form being completed. Good luck !

by Smiling Topaz Sun Feb 26, 2012 2:42 am

Thank you very much.....exactly what I had seen before but could not locate it before. It is much appreciated.

by prosetian Sun Feb 26, 2012 3:20 am

Taos Artist wrote: Agreement to Terminate Interest

The form # is DSG7322 and check Amendment (Part A) from Wells Fargo only. It must also notarised from an outside notary..Bank employees are not allowed to do this for you. I doubt you will be insured without this form being completed. Good luck !

If I am not mistaken, all non-interest bearing accounts at FDIC insured institutions are all automatically insured under the Dodd Frank Act until Dec 31 2012 (unless they extend it). I believe the form you are talking about is to terminate interest on an account where you are already getting interest.

Actually, I don't think it matters all that much anyway, unless, you think one of the big 4 are going to fold up before the end of the year.

by Herb Lady Sun Feb 26, 2012 9:32 am

Does it matter if your non-interest bearing account is with a big four bank or not? And how does this affect a non-interest bearing account with a credit union??? Would one or both still be covered under Dodd Frank Act??

by **Terbo56** Sun Feb 26, 2012 9:33 am

I believe it would- They are still a financial institution-

by Herb Lady Sun Feb 26, 2012 9:37 am

OH SHEW! THANKS TERBO56!!

HELP - Form No for Non-Interest Bearing Account

HELP - Form No for Non-Interest Bearing Account

Re: HELP - Form No for Non-Interest Bearing Account

Re: HELP - Form No for Non-Interest Bearing Account

Re: HELP - Form No for Non-Interest Bearing Account

Re: HELP - Form No for Non-Interest Bearing Account

Re: HELP - Form No for Non-Interest Bearing Account

Re: HELP - Form No for Non-Interest Bearing Account

Re: HELP - Form No for Non-Interest Bearing Account