Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#1927981 - 05/30/14 02:12 PM Billboard, CD's & Reg DD
Red Raiders Offline
Diamond Poster
Red Raiders
Joined: May 2013
Posts: 1,069
Compliance Land
I have read the advertising section of Regulation DD and wanted to get some clarification. When advertising a fixed rate CD APR APY on a billboard (traditional CD) I am thinking you have to list:

1. Spell out Annual Percentage Yield
2. Term of CD
3. The Annual Percentage Yield of the CD
4. Member FDIC

I crossed off what didn't apply to billboards and also saw that "minimum balance required to obtain the APY disclosed" hadn't been crossed off my list. We require $1000 minimum opening deposit but this isn't required to be listed on the billboard so I'm assuming the 4 points above are it??
Last edited by John Burnett; 06/02/14 12:57 PM.
_________________________
How long until retirement?? smile

Return to Top
Operations Compliance
#1928169 - 05/30/14 07:21 PM Re: Billboard, CD's & Reg DD Red Raiders
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
You need
  • (c)(3) - Minimum balance to obtain the advertised APY.
  • (c)(6)(i)- term of the account
  • (c)(6)(iii)-required minimum payout -- not applicable to your case
  • Annual percentage yield has to be spelled out, as if anyone can read it on a billboard.
  • Member FDIC


I don't know where you got the impression that the min bal to obtain the APY isn't required. It's not one of the things you can skip.
Last edited by John Burnett; 05/30/14 07:22 PM.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#1928174 - 05/30/14 07:23 PM Re: Billboard, CD's & Reg DD Red Raiders
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Of course that all supposes that you're mentioning the APY in the ad.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#1928299 - 05/30/14 09:17 PM Re: Billboard, CD's & Reg DD Red Raiders
Red Raiders Offline
Diamond Poster
Red Raiders
Joined: May 2013
Posts: 1,069
Compliance Land
It's been a long day. I noticed in my initial question I stated we were listing a CD APR and not APY. Can you tell that I have been bogged down with loan items and haven't visited the deposit side for a while?? smile

For these you have to have a $1,000 to open (which isn't required to be listed) but if they withdrew $500 (for example) we would still pay the same on the remaining $500. There really isn't a minimum balance to obtain the APY. Just a $1,000 to open the account. That was my reasoning which may be flawed.
_________________________
How long until retirement?? smile

Return to Top
#1928311 - 05/30/14 10:22 PM Re: Billboard, CD's & Reg DD Red Raiders
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
A billboard to advertise CD's? Really? In this rate environment. Betcha they will be beating down the door for that .10% APY smile

I am continually amazed by marketing people.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1928606 - 06/02/14 07:12 PM Re: Billboard, CD's & Reg DD Red Raiders
Red Raiders Offline
Diamond Poster
Red Raiders
Joined: May 2013
Posts: 1,069
Compliance Land
It's a long story but I don't disagree with you, Randy. smile
_________________________
How long until retirement?? smile

Return to Top

Moderator:  Andy_Z, John Burnett