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#2221145 - 09/06/19 11:54 PM Variable rate checking account
ckme Offline
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ckme
Joined: Sep 2002
Posts: 255
What is the requirement for showing rate changes on the statement? Does a notice have to be sent? Our TISA/disclosure says we will change the rate at our discretion.

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Deposits and Payments
#2221146 - 09/07/19 12:02 PM Re: Variable rate checking account ckme
Adam Witmer Offline
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Joined: Sep 2010
Posts: 2,662
1030.5 (2) No notice required. No notice under this section is required for:

(i) Variable-rate changes. Changes in the interest rate and corresponding changes in the annual percentage yield in variable-rate accounts.
_________________________
Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
www.compliancecohort.com

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