Thread Starter: Anonymous
Title: Re: tiered rate APY disclosure question
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Based on this section of the commentary below (related to 1030.8(c)(2) - timeframes on advertising), what would be the protocol for online advertisements on a third party site? Is it expected that updates will be made timely or is it okay for a change to a variable rate to not be updated on the third party site for say 3 to 6 months?
1. Specified date. If an advertisement discloses an annual percentage yield as of a specified date, that date must be recent in relation to the publication or broadcast frequency of the media used, taking into account the particular circumstances or production deadlines involved. For example, the printing date of a brochure printed once for a deposit account promotion that will be in effect for six months would be considered “recent,†even though rates change during the six-month period. Rates published in a daily newspaper or on television must reflect rates offered shortly before (or on) the date the rates are published or broadcast.
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