Is it a Reg DD violation to remove the statement "You must maintain a minimum balance of $____ to obtain the disclosed annual percentage yield." By removing that statement, there would not be a requirement to disclose how the minimum balance is determined.

Since this is how it is stated within the regulation I don't see how removing it would not be a compliance violation:


(3) Balance information. (i) Minimum balance requirements. (A) Any minimum balance required to:

(1) Open the account;

(2) Avoid the imposition of a fee; or

(3) Obtain the annual percentage yield disclosed.

I agree with Skittles. I've also seen a bank get in hot water for this - always double check the website!

OK thank you

What if there is no minimum balance to obtain the APY? Do you not state it, or do you say 1 cent?

Reg DD § 1030.4(b):
"(b) Content of account disclosures. Account disclosures shall include the following, as applicable:"

Reg DD § 1030.8(c):
"(c) When additional disclosures are required. Except as provided in paragraph (e) of this section, if the annual percentage yield is stated in an advertisement, the advertisement shall state the following information, to the extent applicable, clearly and conspicuously:"

If there is no minimum balance to obtain the APY (the bank will pay interest on any positive balance), you don't need to disclose the balance required to obtain the APY.