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#1896503 - 02/12/14 06:57 PM Step CD Interest Change
Lu Offline
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Joined: Apr 2002
Posts: 597
We have a step CD that will go up .50% every year for 5 years on the anniversary date. This is all disclosed in the Truth in Savings disclosure. Are we required to send a notice to the customer every year when the rate increases?
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Deposits and Payments
#1896509 - 02/12/14 07:03 PM Re: Step CD Interest Change Lu
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
No.
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#1896652 - 02/12/14 10:02 PM Re: Step CD Interest Change Lu
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
The initial TISA disclosure should have reflected a blended APY taking into account the step-ups in rate.
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