It's Friday afternoon and my brain is not working...
Similar question to above. The product is designed to pay and compound interest quarterly with interest being credited to the CD. That is what we disclose on the Truth In Savings.
However, we allow the customer (at their request) to receive his interest monthly and deposit it into another account. Would we have to change our TIS disclosure at account opening to reflect the change to the account to accommodate this request?
Also, if the customer comes in during the term of the CD, but after account opening, (ex: month 3 of a 12-month CD) to ask us to start paying the interest monthly, would we need to redisclose?
I vaguely remember that these changes would not need to be disclosed, but can't find where I read that. Thanks for your help!
You gain education by reading the fine print. You gain experience by not.