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#2150236 - 10/18/17 02:19 PM Add-On CD
complofcr Offline
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Joined: Apr 2010
Posts: 181
SE USA
I'm looking for information about an add-on CD product. What are the terms and disclosure requirements?

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#2150271 - 10/18/17 03:55 PM Re: Add-On CD complofcr
John Burnett Offline
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John Burnett
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Cape Cod
Describe what you mean by "add-on CD."
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#2150275 - 10/18/17 04:00 PM Re: Add-On CD complofcr
complofcr Offline
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Joined: Apr 2010
Posts: 181
SE USA
One that the customer can make periodic deposits to.

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#2150466 - 10/19/17 02:42 PM Re: Add-On CD complofcr
Elwood P. Dowd Offline
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Elwood P. Dowd
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Posts: 21,939
Next to Harvey
The correct term is "time deposit open account."

Section 1030.4 includes the disclosure requirements. You are specifically interested in those for time deposits. Note the discussion in the commentary about the customer's ability to add to or withdraw from the account.
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#2150520 - 10/19/17 05:17 PM Re: Add-On CD complofcr
complofcr Offline
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Joined: Apr 2010
Posts: 181
SE USA
Thanks so much Ken!

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#2150570 - 10/19/17 09:23 PM Re: Add-On CD complofcr
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,704
Cape Cod
You will want to make sure that the deposit contract indicates that early withdrawal penalties must be imposed on any partial withdrawal made within 6 calendar days of each deposit to or withdrawal from the account.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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