I'm sure this is a dumb question, but for whatever reason, I am debating it. Little embarrassed to ask...

We have rate boards that display our current deposit account rates in the lobby of our branches. On these boards, can we pick which deposit accounts we display or do we have to display all of them?

And if you know where I could find this, I would appreciate it.

Thanks!

I think you can pick/display any/all you want. There's no guidance I'm aware of.

Check your State law; there may be a requirement to post all deposit products.

As to rate boards, we need to purchase a new one and we have not purchased one since I took over this position. Any suggestions as to companies we should price them from?

Is there a state that requires and all or nothing rate board posting? Texas has no such requirement. That could be burdensome.

I've never heard of a state that requires all rates either. Anyone know of any?

Here is an excerpt from Connecticut General Statutes:

Sec. 36a-319. (Formerly Sec. 36-27e). Deposit account disclosures. List of charges. Each financial institution, other than a Connecticut credit union or federal credit union, shall post in each office at which deposits are accepted for each type of deposit account a prospective depositor may open, current deposit account disclosures. Each financial institution shall post in each office at which deposits are accepted for each type of deposit account a prospective depositor may open, a listing of all current deposit account charges. The information required to be posted may be in multiple documents, signs, separate pages or combined with other information relating to the deposit accounts.


(16) "Post" means to post or otherwise provide notice in a location so that such notice is easily visible to depositors. With regard to an office at which a financial institution lacks access to space for posting notices, such as an office within a retail establishment, "post" means to make available to any depositor upon request.

I don't take that to mean display rates for every CD type offered. This refers to fees...

We have actually done away with the rate board as many others around us have too.

Much harder to engage a customer in discussion about thier needs and what we can do for them when they have already made up their minds based on a rate board.

Much easier to capture them into a discussion about needs and offerings when they have to come to you to ask for a rate sheet, or what your offerings are.

What about internet rate boards, particularly for loans. Is there some changes as to how you can display rates coming in October and end of year?

The CT law is referring to "deposit account disclosures" and "charges". The law is generally the same as Federal Reg. DD, including the definition of "deposit account disclosures"...that includes more than just the schedule of charges. There is no requirement to actually have a rate board, but the disclosures must be posted. The Rate Sheet and the Schedule of Charges might be enough, depending on what is included in them.