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Compliance Question of the Week

Question: Is it permissible for teller or other customer service representatives to promote retail non-deposit investment products while handling regular banking activities?

ANSWER:

From the OCC examination manual:

In no case, however, should tellers and other employees, while located in the routine deposit taking area, such as the teller window, make general or specific investment recommendations regarding non-deposit investment products, qualify a customer as eligible to purchase such products, or accept orders for such products, even if unsolicited. Tellers and other employees who are not authorized to sell non-deposit investment products may refer customers to individuals who are specifically designated and trained to assist customers interested in the purchase of such products.

Reference: OCC Retail NDIP Examination Procedures, 2015, page 126.

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