Is the bank required to disclose that a bonus paid will be considered interest and be reported on a 1099-Misc? Should the information be disclosed in the advertisement of a bonus?
What’s the latest word on overdrafts and overdraft fees?
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?
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?
How do you properly title an IOLTA Account? example: Simons & Simmons PLLC