Yes, we believe your bank may include the IRA balances when calculating whether a customer qualifies for this savings program, provided that this calculation does not involve any transactions on the IRAs. We are not aware of any law or regulation that would govern how your bank determines the qualifications for the savings program, provided that the qualifications are clearly disclosed and applied equally to all customers.
We offer a savings program that provides benefits such as free checks and safety deposit box rentals. Customers must qualify for the program by holding a certain amount of money on deposit at our bank in savings accounts, CDs or money market accounts. Can we include individual retirement account (IRA) balances when calculating whether a customer qualifies for the program?
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