Management wants to pay more interest on a CD than the stated APY would pay. Do we have to disclose this in the TISA disclosure? If we want to do this for our existing customers, do we have to notify them that we will be paying more interest? It doesn't adversely affect them.

Yes...this is a strange question. Who spiked management's eggnog?!?

I would think for new accounts, the TISA would need to be based on the offered rate. If they want to pay more to existing account holders, I would not think an explanation would be necessary...but if I were going to do this...I think I would at least have to turn in to some PR piece....otherwise it's like..what IS the POINT?!?

I agree with you on the PR piece. This would be a great way to show customer appreciation.

Are you a CU?

If CU means Credit Union, then No, we are not.

Okay, so now I'm curious...what would be the issue with being a CU and this particular question? Inquiring minds want to know!

Credit Unions sometimes pay additional dividends at year end.

AHHH...ok..thanks for clearing that up!