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#166967 - 03/05/04 08:27 PM Financial Calculators

We are looking to put financial calculators on our web site. Does anyone know of any type of disclosures that need to go along with the calculators.

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eBanking / Technology
#166968 - 03/05/04 08:43 PM Re: Financial Calculators
Andy_Z Offline
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Joined: Oct 2000
Posts: 27,136
On the Net
1) Test them. Regulators have found some that were not correctly doing the computations.

2) Indicate that these are estimates and variations in the actual terms may vary. This is very much the case with odd days on loans.
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#166969 - 03/05/04 11:07 PM Re: Financial Calculators
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 9,819
Toano, VA
Andy's right. The regulators have shown a surprising interest in web calculators. If you're going to use them, be sure you agree with the results and be sure someone in the bank can explain them to customers who will challenge the calculations. In addition, I'd track the useage of any calculator you put on the site. If some are not getting any use and others are, get rid of the dead wood so customers can find the good stuff more easily.
...gone fishing.

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Moderated by:  Andy_Z