Question:  Our bank is considering adding a "premium checking account" for customers 50 and older.  Any minefields?

 

Answer:  Yes!  Don't forget Equal Credit Opportunity Act (and Reg B).  If the account includes a credit feature that is more favorable, then you have a violation of Reg B based on age.  Examples of more favorable treatment could include a special credit card rate or special treatment on overdraft privilege.  Don't provide a lower NSF charge or higher ODP limit on this account!