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#1778473 - 01/22/13 04:26 PM decimal placement - TIS
SouthoftheBorder Offline
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The South
Can a '0' go in front of the decimal? In the disclosure the APY would read 0.0125% and the rate sheet would read 0.13%. Is that '0' before the decimal required?
Thanks

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#1778477 - 01/22/13 04:32 PM Re: decimal placement - TIS SouthoftheBorder
rlcarey Online
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rlcarey
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Galveston, TX
You are require to disclose to two decimal places. There is no requirement to show any more than that, so I would say no.
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#1778516 - 01/22/13 05:21 PM Re: decimal placement - TIS rlcarey
SouthoftheBorder Offline
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Joined: Feb 2002
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The South
I have looked at 2 banks - CHASE & Cambridge Savings Bank - both have the zero before the decimal.....hummmm? I think it will be okay to mimick them but as you say it's not a requirement.

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#1778534 - 01/22/13 05:53 PM Re: decimal placement - TIS SouthoftheBorder
rlcarey Online
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rlcarey
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Galveston, TX
It might purely have to do with what their systems produce by default.
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#1779401 - 01/24/13 03:16 PM Re: decimal placement - TIS SouthoftheBorder
John Burnett Offline
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John Burnett
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It's fine to put a zero in front of the decimal point, as in 0.13%. In fact, because it makes it clearer that you're paying less than one percent, I recommend it. But you can't put an APY or APYE in any TISA disclosure that has more than two decimal places, so your APY of 0.0125% would have to appear as 0.01%. It's the Interest Rate that can appear to more than two decimal places, but only in account disclosures. [Regulation DD, ยง1030.3(f)]
Last edited by John Burnett; 01/24/13 03:21 PM. Reason: correction and citation
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