We are considering offering special checking accounts to our employees.
We are trying to decide whether to create a specific employee product type or to waive the monthly maintenance/service fees on an existing product type. I am curious to know how other institutions handle changes and disclosure requirements for employee accounts, specifically when an employee leaves the company.
For institutions that offer an employee product type, do you change the product type and re-disclose with a new TIS disclosure? If so, how do you decide which product type will be the new product type? If not, what is your process?
For institutions that waive the fees associated with an existing product type, where is it documented that upon termination the account will start to incur fees?
If anyone has any documentation or other ideas that they would like to share, I would greatly appreciate it.