A DDA is, for all intents and purposes, a checking account. It is a financial transaction vehicle where the money deposited into the account is made immediately available for transactions. A demand deposit account, or DDA Account, is another term used for checking account.
Close Account Due to Account Abuse?
Dda Account Definition
11/24/2019
Dda Account Bank
We have a customer who we recently refunded $630 of Returned NSF Fees and Continued Negative Balance Fees to after stating the items came thru sooner than scheduled (Reg E). The account went positive for one day and has now been negative for 17 days since (62 days NSF last 12 months). She has another account that is currently positive but that account has also had 41 days NSF. Can we close her accounts due to account abuse or failure to maintain account in a responsible manner?