Most Popular Operations Content
CIP for Publicly Traded Company
12/01/2019
Does a publicly traded company need to have a CIP filled out for the company and the signers?
CRA – Knowing the competition
12/01/2019
Because small and intermediate small banks are not required to report annually for CRA, how can they assess their performance against that of similarly sized bank?
Regulators’ overdrafts concerns
12/01/2019
What’s the latest word on overdrafts and overdraft fees?
APY Disclosure Requirement for a Bonus
12/01/2019
We are advertising a $125 bonus that will be paid when a customer completes a few requirements, including opening 1 of 3 various non-interest and interest-bearing checking accounts, signing up for a direct deposit, and using our mobile banking app. I wasn't planning to disclose an interest rate or APY to avoid the additional disclosures caused by the trigger term. However, when disclosing a bonus, the APY appears to be a requirement. I wanted to verify that we have to disclose the APY (using the term annual percentage yield) and the additional disclosures caused by this trigger term if we are disclosing a bonus. Or, does the APY disclosure requirement for a bonus not apply if we were not planning to disclose the interest rate or APY? Also, are we required to use the word "bonus" in our ad?
Notice 45 Days in Advance for Fee Changes?
12/01/2019
We are currently in the process of changing our fees. Some fees may increase and some fees may decrease. With that said do we still need to send a notice to customers 45 days in advance of the changes?
