Under the Interagency Statement on Retail Sales of Nondeposit Investment Products, what may a bank teller do?
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A. B. C. D.C
The Interagency Statement on Retail Sales of Nondeposit Investment Products was issued by several U.S. federal regulatory agencies, including the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) in 1994. This statement provides guidance to banks on the sale of nondeposit investment products, such as mutual funds, to retail customers.
Under the Interagency Statement, bank tellers are allowed to perform certain limited activities related to the sale of nondeposit investment products. Specifically, bank tellers may:
C. Take the business card of a customer who has asked to purchase a bank-related mutual fund and give it to a licensed representative.
This means that if a customer asks a bank teller about purchasing a mutual fund offered by the bank, the teller may take the customer's business card and pass it on to a licensed representative who can provide more detailed information about the product.
In contrast, bank tellers are not allowed to:
A. Discuss the past performance of a bank-related mutual fund: This is because past performance is not necessarily an indicator of future performance and discussing past performance could be seen as making a recommendation or providing investment advice, which is outside the scope of a teller's duties.
B. Transfer mutual fund shares from an investment savings account to an IRA account: This is because transferring mutual fund shares requires knowledge of tax and retirement account rules, which tellers are not qualified to provide.
D. Assist a customer in determining eligibility to purchase a bank-related mutual fund: This is because eligibility determination requires assessing a customer's financial situation, which could be seen as providing investment advice and is beyond the scope of a teller's duties.
In summary, under the Interagency Statement on Retail Sales of Nondeposit Investment Products, bank tellers are limited to providing basic information about bank-related mutual funds and forwarding customer inquiries to licensed representatives. They are not allowed to provide investment advice or recommendations, transfer mutual fund shares, or determine customer eligibility for investment products.