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#1719015 - 07/11/12 04:19 PM Reg DD Oral Disclosure
rachelchri Offline
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Joined: Aug 2010
Posts: 165
When a customer calls and asks what we are paying on a certain type of account, do we need to say "Annual Percentage Yield" or can we say "APY"?

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Operations Compliance
#1719018 - 07/11/12 04:23 PM Re: Reg DD Oral Disclosure rachelchri
AFaquir Offline
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AFaquir
Joined: Jan 2011
Posts: 763
Top of the world... and never ...
Just for the sake of safety and clarity, I would use "Annual Percentage Yield" on the phone. I personally couldn't really justify the use of brevity for such a thing.

Cheers!
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#1719095 - 07/11/12 06:19 PM Re: Reg DD Oral Disclosure rachelchri
DeeQ Offline
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DeeQ
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
FWIW, I agree with AFaquir. It is a common finding in our Reg DD reviews, too.
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Get your facts first, then you can distort them as you please. - Mark Twain

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