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#1990357 - 01/22/15 04:29 PM APY on TISA
bluesky Offline
Member
Joined: Jul 2005
Posts: 85
We have a CD at a rate of 1.00% which yields 1.00% due to how we calculate CD interest. On our TISA disclosure, the APY is displaying as 1.01% We are told this is a system limitation and there is a variance allowed by Regulation?? I do not think we should disclose 1.01% as the yield when it is actually 1.00% Has anyone ever heard of this variance with Truth in Savings?
Last edited by bluesky; 01/22/15 04:30 PM.
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#1990365 - 01/22/15 04:47 PM Re: APY on TISA bluesky
Kitty Offline
100 Club
Kitty
Joined: Mar 2001
Posts: 236
According to ยง1030.3(f)(2) an APY is considered accurate if it is within .05% of the annual percentage yield determined in accordance with the rules in appendix A of Reg. DD.

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#1990423 - 01/22/15 07:00 PM Re: APY on TISA bluesky
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,225
Galveston, TX
10 to 1 your disclosure system is not set up to match your product description and maybe how you have the product set up on your core system. What is so special about how you calculate interest on this CD??
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