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#2272631 - 07/11/22 06:49 PM Disclosing Minimum Balance to Obtain APY
Irishguy Offline
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Irishguy
Joined: Aug 2008
Posts: 589
Kentucky
Under Regulation DD, 1030.4, you are required to disclose any minimum balance required to obtain the annual percentage yield disclosed. If there is not a minimum balance requirement, would you disclose anything? If so, would it need to be phrased like the following:

"To obtain the annual percentage yield disclosed, you must maintain a minimum balance of $0.01 in the account each day to obtain the disclosed annual percentage yield."

Your help is appreciated!

Tim

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#2272632 - 07/11/22 07:01 PM Re: Disclosing Minimum Balance to Obtain APY Irishguy
rlcarey Online
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rlcarey
Joined: Jul 2001
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Galveston, TX
If there is no minimum balance required to earn interest, there is nothing to disclose.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2272633 - 07/11/22 07:03 PM Re: Disclosing Minimum Balance to Obtain APY rlcarey
Irishguy Offline
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Irishguy
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Kentucky
Normally, I would agree. But to earn interest, you would have to have something in the account...right? Because anything times 0 is 0.

I could be totally overthinking this though.

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#2272641 - 07/11/22 08:22 PM Re: Disclosing Minimum Balance to Obtain APY Irishguy
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,912
Galveston, TX
(b) Content of account disclosures. Account disclosures shall include the following, as applicable:

I think you are over thinking this one.
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#2272642 - 07/11/22 08:30 PM Re: Disclosing Minimum Balance to Obtain APY Irishguy
Irishguy Offline
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Irishguy
Joined: Aug 2008
Posts: 589
Kentucky
Ok. Thank you Randy!

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