Thread Starter: Anonymous
Title: Re: APY Violation Cure
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Our ops center made an error with a few of our CD's. The disclosures say that interest is compounded and credited annually, which it is.
The APY calculations, however, were based off a monthly compounding, throwing the APY out of tolerance.
My question is, what is our responsiblity to cure the violation? Do we have to figure out every affected CD, and pay extra interest equal to the wrong APY, or since the rate and the terms were correct on the CD, does that buy us some brownie points?
Thanks
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