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#1231086 - 08/11/09 07:07 PM CDs & Periodic Statements
ckb Offline
Member
Joined: Apr 2009
Posts: 80
What information do we need to include on the monthly periodic statement for CDs? I don't see any details on Term accounts in 230.6 and worried about missing something!

Opening Balance?
Closing Balance?
Statement Period?
Total Deposits/Credits? (we have a Flex CD that allows a 1 time deposit)
Service Charges/Fees? (for early withdrawal penalty)
Total Withdrawals/Other Debits (we have a Flex CD that allows a 1 time penalty-free withdrawal)
YTD Interest Paid?

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#1231087 - 08/11/09 07:07 PM Re: CDs & Periodic Statements ckb
Skittles Offline
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Skittles
Joined: Sep 2002
Posts: 13,965
TN
You don't see any details because it's not a requirement to provide a statement on CDs.
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#1231096 - 08/11/09 07:14 PM Re: CDs & Periodic Statements Skittles
ckb Offline
Member
Joined: Apr 2009
Posts: 80
Gotcha - so if we do provide CD summaries on our statements, there are no specific requirements of what to include...is it suggested to keep the info consistent with the other deposit products for consistency?

Thanks!

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#1231870 - 08/12/09 10:14 PM Re: CDs & Periodic Statements ckb
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Look at the definition of periodic statement in 230.2. You'll see that time deposits are specifically excluded, so Reg. DD don't care.!
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