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#1140189 - 03/04/09 10:35 PM Online banking and customer CD information
Compliance4521 Offline
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Compliance4521
Joined: Jan 2007
Posts: 533
Washington
Our customers can establish online banking and purchase CD's on line. The customer consents to edisclosures and all account opening disclosures are provided.

Question: After a CD has been purchased, when the customer goes online to view their CD terms, the system only shows the interest rate of the CD. Since this view is informational only, it does not reflect an APY. Are there concerns with this?

Lori

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eBanking / Technology
#1141892 - 03/06/09 08:58 PM Re: Online banking and customer CD information Compliance4521
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,193
On the Net
You should be fine if this is not a required disclosure. And it is not acting in place of an ad or renewal notice.

They had the APY disclosed already, yes?
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AndyZ CRCM
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#1176855 - 05/06/09 03:53 PM Re: Online banking and customer CD information Andy_Z
Funky Falcon Offline
100 Club
Joined: Jan 2008
Posts: 240
Minnesota
We are in the process of implementing online account opening. Could anyone tell me what disclosures are required at the time of application for CD's?

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