MMDA Advertisement

Posted By: Jan94

MMDA Advertisement - 01/06/05 07:51 PM

I found a checklist from another source that indicated that if there are any type of limitations on an account (savings or MMDA) that we are required to disclose that in an advertisement. I don't see that in Reg DD unless I am overlooking it. It would be on the account disclosure but I wasn't sure it needed to be on the ad. Appreciate any help.
Posted By: John Burnett

Re: MMDA Advertisement - 01/06/05 09:51 PM

It's not one of the enumerated requirements. However, someone might consider the limits a critical element of the product and pull in 230.8(a), feeling that omitting it misrepresented the product. One might use "Transfers limited" or similar wording. But I don't think it's truly necessary.