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#1940391 - 07/14/14 03:26 PM Reg DD and APY disclosures
Anonymous
Unregistered

I know Reg DD applies to consumers but I just want to confirm two things:

1. Is there any regulation that requires the APY for commercial and Business Accts. (I would say no)

2. Is it ok for the bank to state APY on the business commercial accts. (I would say yes)

I know these probably are stupid questions but this is what my home office from another country is asking and they want us to confirm.

Thanks

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#1940672 - 07/14/14 08:36 PM Re: Reg DD and APY disclosures Anonymous
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,684
Cape Cod
1. No, unless a state law includes such a requirement

2. It's not incorrect to provide an APY on a business account, but it might lead someone to believe that other aspects of Truth in Savings Act or Regulation DD requirements will apply, and that's not true.

3. There are no stupid questions.
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John S. Burnett
BankersOnline.com
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Bankers' Threads User #8

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#1941223 - 07/15/14 07:49 PM Re: Reg DD and APY disclosures John Burnett
NotALawyer Offline
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NotALawyer
Joined: Nov 2001
Posts: 455
Originally Posted By: John Burnett
3. There are no stupid questions.


I did experience a stupid question once when a stranger walked up to me in a store, looked at my infant daughters (twins) wearing pink and white lace and bows in their hair, and asked why I would pierce my sons' ears. I don't remember it being a Walmart.

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#1941226 - 07/15/14 07:54 PM Re: Reg DD and APY disclosures Anonymous
Doug Hendrickson Offline
Power Poster
Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
<<I don't remember it being a Walmart.>>

ROFLMAO
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I hear and I forget. I see and I remember. I do and I understand.--Confucius

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