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#944350 - 04/17/08 04:49 PM Could this CD be subject to Regulation E?
Musetta Offline
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Joined: Oct 2007
Posts: 10
Missouri
I have a customer who has an CD in which she has the interest automatically withdrawn from the CD by ACH to another bank. Would this be subject to Regulation E? If the customer recieves a notice of each interest payment taken out of the CD and we have an authorized agreement from the customer, would we need to send her a periodic statement? Any help or advice would be useful.

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#945114 - 04/18/08 12:58 AM Re: Could this CD be subject to Regulation E? Musetta
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,633
Galveston, TX
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#945919 - 04/18/08 07:37 PM Re: Could this CD be subject to Regulation E? rlcarey
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,684
Cape Cod
Don't forget to comply with section 205.10(d). Before that sets you into panic mode, review the Official Staff Interpretation to that section.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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