08/24/2009
What is an "On Demand" certificate of deposit? How does this comply with Reg D?<!--<!--#include virtual="../ssi_lending_text_ad.html" -->-->
08/24/2009
When a certificate of deposit with a term of over one year is renewing, are we required to send a renewal notice and all new account disclosures?<!--<!--#include virtual="../ssi_lending_text_ad.html" -->-->
06/16/2008
We currently send out full new account disclosures with our certificate of deposit maturity notices. Is this required? If not, is a disclosure required at any point during the renewal process or are we just required to disclose changes in the term?
12/10/2007
When a loan is secured by a certificate of deposit held by the same organization should all names listed on the certificate sign the assignment if the C or D states "or" instead of "and"?
04/30/2007
When a customer has a certificate of deposit and interest is credited monthly to the certificate, is the bank required to impose a penalty to withdraw any of the paid interest during the term of the certificate?
01/22/2007
Is it permissible to offer a Certificate of Deposit that pays interest to the customer "on demand" regardless of maturity date? Could this type of CD be offered without a penalty? When would this type of product cross the line of becoming a transaction type account on which we could not pay interest for Reg D?
09/11/2006
Is it permissible to allow a customer to withdraw a portion of the principal amount of a Certificate of Deposit or change the term prior to the maturity date?
11/07/2005
I'm new to the compliance area for a small community bank. I came from a larger national bank where compliance was handled from a compliance deptartment. My question is the following:In reviewing several loans recently where we granted a loan for the purchase of land with a one year term with P and I due at maturity, I found no GFE, preliminary disclosure, or SDS. Are they needed on this type of loan? We also took as additional security a certificate of deposit. The note is a promissory note and does not have a security clause in it. We have an assignment of deposit account in file but no separate security agreement for the CD. I say we need one the lender says no. Who is right?
10/11/2004
06/07/2004
If a customer takes out a fixed-rate 12-month certificate of deposit and he wants a check monthly for the interest, are the rate and the annual percentage yield that you type on the certificate the same since nothing is compounding?