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#862928 - 11/29/07 07:01 PM Strange Question
DCollins Offline
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DCollins
Joined: Oct 2001
Posts: 707
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.

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#863022 - 11/29/07 07:42 PM Re: Strange Question DCollins
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
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?!?
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My opinion only. Not legal advice.

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#863054 - 11/29/07 07:51 PM Re: Strange Question RR Joker
DCollins Offline
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DCollins
Joined: Oct 2001
Posts: 707
I agree with you on the PR piece. This would be a great way to show customer appreciation.

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#864588 - 12/01/07 06:56 AM Re: Strange Question DCollins
Jokerman Offline
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Posts: 12,846
Are you a CU?

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#864728 - 12/03/07 01:55 PM Re: Strange Question Jokerman
DCollins Offline
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DCollins
Joined: Oct 2001
Posts: 707
If CU means Credit Union, then No, we are not.

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#864770 - 12/03/07 03:02 PM Re: Strange Question DCollins
RR Joker Offline
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RR Joker
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Posts: 20,654
The Swamp
Okay, so now I'm curious...what would be the issue with being a CU and this particular question? Inquiring minds want to know!
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#864894 - 12/03/07 05:08 PM Re: Strange Question RR Joker
chenin Offline
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chenin
Joined: Jul 2007
Posts: 2,120
Credit Unions sometimes pay additional dividends at year end.

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#864940 - 12/03/07 05:44 PM Re: Strange Question chenin
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
AHHH...ok..thanks for clearing that up!
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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