Posted By: ahkcompliance

## Deposit Account & APY - 03/04/19 07:46 PM

We are developing new checking accounts. We have a one that will be interest bearing. X% will pay paid on balances up to $1,000 and Y% will be paid on any balance over $1,000.

If the balance in the account is $1,500. X% will be paid on $1,000 and Y% will be paid on the remainder $500.

Looking at Appendix B to 1030, we are using Tiering Method B. Do we have to state the low and high APY?

Tiering Method B

An interest rate of ----% will be paid only for that portion of your [daily balance/average daily balance] that is greater than $----. The annual percentage yield for this tier will range from ----% to ----%, depending on the balance in the account.

If your [daily balance/average daily balance] is $---- or less, the interest rate paid on the entire balance will be ----% with an annual percentage yield of ----%.

If the balance in the account is $1,500. X% will be paid on $1,000 and Y% will be paid on the remainder $500.

Looking at Appendix B to 1030, we are using Tiering Method B. Do we have to state the low and high APY?

Tiering Method B

An interest rate of ----% will be paid only for that portion of your [daily balance/average daily balance] that is greater than $----. The annual percentage yield for this tier will range from ----% to ----%, depending on the balance in the account.

If your [daily balance/average daily balance] is $---- or less, the interest rate paid on the entire balance will be ----% with an annual percentage yield of ----%.