Can a particular lender require me to move my checking account to them as a precondition for approving a commercial mortgage? Where can I go to research this more?
There are a number of prohibitions on what are called "tying arrangements" -- requirements that a customer purchase Product A in order to qualify for Service B -- in banking. However, banks are permitted to tie traditional banking products together. Depositaccounts and commercial loans are traditional banking products or services, and the law permits a bank to impose a deposit account requirement as a condition for granting a loan. For more information, read this article written by Mary Beth Guard of Bankersonline.com.
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There are a number of prohibitions on what are called "tying arrangements" -- requirements that a customer purchase Product A in order to qualify for Service B -- in banking. However, banks are permitted to tie traditional banking products together. 