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Do we need to have customers re-sign their ACH authorizations after we purchase their accounts through an FDIC sale? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Do we need to have customers re-sign their ACH authorizations after we purchase their accounts through an FDIC sale?

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We recommend that borrowers sign new Authorization Agreements for Direct Deposit so that loan payments are correctly routed to your bank.