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#2281265 - 02/17/23 04:43 PM Account conversion mailing
MGCompMA Offline
New Poster
Joined: Jun 2022
Posts: 20
Hi all,

We are making changes to our checking account lineup and are converting customers from our old product types to a new product type in a few months. We will be sending notification to all customers in a few weeks that will include new the new fee schedule and new deposit account disclosure. The question was raised whether we are required to send a rate sheet in that mailing. I am thinking not because the checking accounts are variable rate products and this mailing will be sent 30+ days in advance so we won’t even have a rate sheet with the new products on them. The purpose would be to show them the rate they are earning at this point in time but we don’t want to add another form to the mailing if it is not required.

We have considered just adding a line in the letter where we list the changes to just say that the rates will remain variable/subject to change at any time and to check their statement to see what they are currently earning or something to that effect. Reg DD 1030.4 (b)(1) states what language should be included for variable rate products and that will be in our account disclosure so is it safe to assume no rate sheet is required? Thank you!

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General Discussion
#2281402 - 02/22/23 05:40 PM Re: Account conversion mailing MGCompMA
TomS Offline
Gold Star
Joined: Jan 2004
Posts: 317
USA
I don't believe a rate sheet is required. It sounds like your variable rate parameters are not changing, so your proposed verbiage to be added to the letter should be sufficient.
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