TISA - amount to earn APY

Posted By: OnTheEdge

TISA - amount to earn APY - 08/06/02 06:14 PM

In TISA disclosures must we disclose amount to earn APY if there is no minimum to earn APY? We do require a minimum opening amount but will pay interest on any amount greater than 0.
Posted By: Dave M_TCA

Re: TISA - amount to earn APY - 08/06/02 08:47 PM

I can't find anything that says you don't have to, just that you do, so I disclose the $0 figure, just to make sure that there are no misunderstandings.
Posted By: John Burnett

Re: TISA - amount to earn APY - 08/06/02 09:56 PM

The regulation requires that you disclose "any minimum balance" to obtain the APY, and says that all disclosures are to be made "as applicable." That means "if it don't apply, you needn't supply."

Since there is no minimum balance to earn the APY, you do not need to disclose one, IMHO. But the $0 amount disclosure is not a problem.