When a customer calls the bank and requests to open a new account are we required to discloste the rate and APY if no inquiry of rate information is made? Rate and other required disclolsures will be mailed as required when accounts are open for customers not present at opening.

Why someone would open an interest bearing account over the phone and not inquire as to the rate of interest is a little beyond my comprehension, but if they don't ask, you don't have to tell.

Rates are on the web site. Being told that if it's for a new account that stating the rate and APY is a required disclosure that must be given before the consumer transacts.

Unless the consumer is not present:

Sec. 1030.4 Account disclosures.

(a) Delivery of account disclosures. (1) Account opening. (i) General. A depository institution shall provide account disclosures to a consumer before an account is opened or a service is provided, whichever is earlier. An institution is deemed to have provided a service when a fee required to be disclosed is assessed. Except as provided in paragraph (a)(1)(ii) of this section, if the consumer is not present at the institution when the account is opened or the service is provided and has not already received the disclosures, the institution shall mail or deliver the disclosures no later than 10 business days after the account is opened or the service is provided, whichever is earlier.


Regardless, a verbal disclosure does not meet the regulation's general disclosure requirements.