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#2237073 - 05/21/20 01:20 PM No interest account
complyorelse Offline
Gold Star
Joined: Nov 2007
Posts: 442
U.S.
If we state in an advertisement that an account pays no interest, do we have to state 0.00% APY? This doesn't seem necessary but it also could be interpreted that we are stating a rate of return. We've run ads both ways and I'd like to make a final determination either way so we are consistent. Any guidance is most appreciated.

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Marketing
#2237077 - 05/21/20 02:06 PM Re: No interest account complyorelse
BrianC Offline
Power Poster
BrianC
Joined: Nov 2004
Posts: 6,275
Illinois
Advertising rules in 1030.8 and disclosure rules in 1030.4 state required disclosures "as applicable." If there is no APY because an account is non-interest bearing then you do not have to disclose an APY.
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#2237086 - 05/21/20 03:56 PM Re: No interest account complyorelse
complyorelse Offline
Gold Star
Joined: Nov 2007
Posts: 442
U.S.
Agreed. I'm not sure why we've had the zeros in ads. It's not required and it isn't very marketing friendly to have a string of zeros.

Thank you for chiming in and helping confirm my thoughts.

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