We have an advertisement that states “ No monthly maintenance fee with a direct deposit” and “visit our branch for more details or visit us online”.

However, in practice the automated system assess a monthly maintenance service fee when there is no direct deposit in instance if a direct deposit post early to the account due to a holiday. The advertisement does not have a footnote or asterisk indicating “no monthly maintenance service fee for any month the account receives a direct deposit”.

So the question is are we in compliance for indicating “call or visit the branch for additional information” or is the footnote required to comply.

Response is greatly appreciated.

Well, I always believe in trying to tell the whole story in an advertisement to avoid any possible discussion with a regulator.

Regarding the issue concerning "a direct deposit post early to the account due to a holiday", I would hope that your account disclosures are very, very specific, as I see this as something the FDIC would probably jump all over as a UDAAP and make you do a look back and refund fees if it was not.

thank you ricarey... it helped.