I was wanting to know if it is required to mail a monthly bank statement if there is no activity on the account? We have several customers who basically just use their account to cash checks and generally don't have any activity. Currently we mail the statement with no activity but I wasn't sure if it is required.
Are Reg DD disclosures, especially the APY required when, for example, a customer negotiates a bumped up rate for 3 months?
We are a core processor for several banks. One of our banks has a rate on a time deposit that goes out to three decimal points 2.345. We show that rate in our online system the bank sees, but when we do the calculation and render the statement it shows as 2.35 on the statement to the customer.
The customer wants to see the full rate on the statement. Is there any requirement addressing the number of decimal places for a rate on a statement?
If we discontinue a debit cash back rewards program are we required to provide notice to the customer within a specified time frame, and are we required to notify them at all?
We are moving our accounts to a relationship style checking with service charge refunds with certain transactional behavior.(ACH, POS, eStatements,etc) What are some considerations we need to remember when building the TIS disclosures?
What all is required to advertise a special CD rate on an outside digital board? Does APY have to be spelled out? Is this sufficient?
12 Month CD 1.26%APY ASK US
We want to offer a savings account for students. We are thinking of offering a higher rate on the first $1,000 deposited and then our normal rate on balances over that. This will be effective for one year and then the rate goes to our regular savings rate at that time. If we put up a banner on our building and state the higher rate, do we need to also state an APY on the banner? And what balance would we use to disclose the APY? The APY for $1,500 and $2,500 are considerably different.
Currently our UTMA accounts (we are in Texas) do not have a service charge and they are opened as a minor savings product type. Our disclosures do not state that they will be converted to a regular savings service charge at the age of 18 but we are soon changing our disclosures to read that minor savings will be converted to regular savings when the minor reaches 18.
On existing UTMA accounts are we able to change the service charge with a 30 day notice or for the existing accounts and do we have to wait until the minor is 21 to be able to change their service charge?
I have received some responses that an UTMA is irrevocable and because the custodian was not aware of the charge at the time, that we could not enforce the change until the minor reached the age of 21.
When advertising rates on CD's and savings accounts do you have to state the interest rate and the annual percentage yield or is the annual percentage yield sufficient to be in compliant with Reg DD?
When changing the Truth in Savings booklet for deposit accounts, is there a dual disclosure requirement (the new and the old TISA) for new accounts opened within the 30 days from when the change in terms notice is mailed and the date of the actual change in terms? What regulation or guidance dictates the dual disclosure requirement? I don't see any reference within Reg DD.