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BankersOnline.com Forums Banker Forums Operations Compliance CD advice of credit - is it required?
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#967582 - 06/02/08 05:28 PM CD advice of credit - is it required?
Nan the Banker Offline
New Poster
Joined: Apr 2008
Posts: 6
Hi,
I am wanting to know if sending a notice to a customer is required when we post interest. We post interest quarterly. We will continue of course to send maturity notices but are trying to get away from sending so much mail out when interest pays.
I appreciate your time,
Nan

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Operations Compliance
#968331 - 06/03/08 05:45 PM Re: CD advice of credit - is it required? Nan the Banker
BrendaC Offline
Power Poster
BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
As far as I know, it is a courtesy not a requirement.
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#971349 - 06/08/08 10:43 AM Re: CD advice of credit - is it required? Nan the Banker
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Maturity notices are a required disclosure. Notices regarding interest payment are not. If interest payments are credited to an account where the consumer receives a periodic statement anyway, they serve little purpose.
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In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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