CD account statements

Posted By: JLONO

CD account statements - 08/29/11 03:06 PM

Do I need to send CD statements? Maturity Notices and Renewal notices? I just found out that we only send the customer a maturity notice, that seems odd to me. Please help.
Posted By: BrendaC

Re: CD account statements - 08/29/11 03:20 PM

Maturity notice requirements are defined in Reg DD. There is no requirement to provide CD statements, advices of interest crediting, etc.
Posted By: Likes to Comply

Re: CD account statements - 08/29/11 03:21 PM

Take a look at Regulation DD Sec. 230.5 Subsequent disclosures. For CDs with maturity greater than a year you will also need to reference 230.4 for the requirements of the disclosure.
Posted By: JLONO

Re: CD account statements - 08/29/11 04:02 PM

Thanks so much!