Our bank is offering a grand opening promotional savings account. As part of the account terms after the initial 6 month promo period the promotional account will convert to a standard savings account. The current promo disclosure states "at the end of the 6 month period the account will convert to a regular savings account". The promo product will pay interest on any balance of $1.00 or more, however, the regular savings products will pay interest on any balance of $500.00 or more. Does the minimum balance to earn interest on the regular savings account need to be disclosed on the promo product disclosure?
Does the Reg CC apply to savings accounts? Can a hold be placed on a cashier's check if it is deposited into a savings account?
What is the difference between legal requirements for a thirty versus a sixty-second ad for deposits? What disclosures do we have to include?
We want to give customers a certificate for their first tank of gas when they finance a new auto with us. We'll pay up to $70 when they go to a gas station we have already made arrangements with. What reporting is necessary and how does this affect the APR we disclose?
Where does it say that if we quote a loan rate to a customer over the phone that we have to use the APR? We often have fees added to loans and quoting the rate is easier.
We want to offer a fee to our customers who refer other customers to us. We'll pay them for each one that opens an account. Is this a violation of any bonus rules or payment of interest on demand deposit restrictions and are there Reg. DD bonus disclosures needed?
Marketing is considering mailing new VISA debit cards to existing HELOC customers. I know this product is governed under Reg Z. What disclosures must accompany the mailing?
How long are banks required to keep rate information? or rate sheets?
We have a mortgage lending office about two hours from deposit taking branches. The mortgage area wants to hand out flyers advertising the banking services we offer. Is the FDIC logo required on them? We're afraid it will look as though the loans are FDIC insured.
In general how will the recent changes to Reg DD affect our marketing of new accounts?