Latest Compliance - Interest Topics

CD Product with All Interest Paid Up Front

08/25/2019

Our bank is exploring the idea of a new CD product in which all the interest is paid up front on the date of initial deposit. In the case of early withdrawal, are we able to deduct the penalty from the principal since there would be no interest accruing during the CD term?

Add Higher Balance Tiers On Investment Savings

07/14/2019

Our private banking area is requesting to add two higher balance tiers on an investment savings account. There is no regulation or rule that would hinder this correct? The only thing I can see is if we are not offering this to other bank customers, but only to these high end customers.

CD Interest Paid Monthly Change to Compound

01/13/2019

If a customer ​with a 4 year CD ​with interest paid monthly, after 6 months, decide​s​ to have it compound annually, what would be the next date for interest to be paid? ​The opening date was 1-1-2016.

Reg E- De Minimis Rule-Interest Amount on Claim?

12/23/2018

Is there a de minimis rule under Reg E denoting at what amount interest needs to be provided on a claim and with provisional credit? We have scenarios where the customer is owed a penny or two and it isn't worth the cost of the entry.

Can Commercial ​DDAs Be Interest​-​Bearing?

11/25/2018

Can commercial ​DDAs be interest​-​ bearing?

Rate Sheet Required for Interest Bearing Accounts?

01/14/2018

On interest bearing accounts, must a bank whether in person or via online e-disclosures provide a rate sheet to their clients or is this discretionary?

Reg D Interest Bearing Checking Account

06/07/2015

With regard to Reg. D, I was always under the impression that a single member LLC could have an interest bearing checking account. Can you add anything to that?

Simple Interest Method for LOCs

05/25/2015

We have several consumer LOCs where the note states average daily balance is calculated using the simple interest method. Our system charged interest on interest. What steps do we take to correct?

Periodic Statement for Transfer of Interest COD

01/19/2015

Is it necessary to provide a customer with a periodic statement for a monthly transfer of interest from a certificate of deposit to one of their accounts at another financial institution?