We are offering members a $100 incentive bonus if they open a checking account with direct deposit which would start within 60 days. We understand all of the disclosure requirements for the $100 payment. The argument is, must we disclose in the ad that the $100 will be reported as interest to the IRS? We of course will be sending the member a 1099-INT and reporting it to the IRS, but are we required to disclose that?
We are making changes to a checking account that we offer, we are going to implement a monthly fee. Because this will negatively impact our members, don't we have to notify them and how much time do we need to provide before making the change?
We have an upcoming deposit account fee change requiring advance notice to affected account holders. If we know we have a bad address (statements have been returned), are we required to mail the notice to the last known address?
Is a bank required to give its business customers a schedule of fees?
Are dormant accounts not subject to receive a monthly statement, or is it still required to be sent via Reg DD?
We are changing our Certificate of Deposit from a single rate to a tiered rate. My question is, do we need to post all the various levels of each CD term on our lobby board?
For example, right now 12 month CD has a minimum deposit of $1,000 and the APR is 0.65 and the APY is 0.65. When we change, the 12 month CD will be $1,000 to $9,999, with the APR being 0.65 and the APY is 0.65, $10,000 to $24,999 , the APR is 0.70 and the APY is 0.70 and for $25,000 and above, the APR is 0.75 and the APY is 0.75.
Does the lobby board need to show that for each CD term?
What is the difference between a service charge and a maintenance fee?
What forms per regulations/laws, besides disclosures, are required for a new customer opening deposit accounts, including IRAs?
May a bank pay interest on a 16 month CD at maturity, or are we required to pay the interest at least annually?
Can separate advertising information (re: a new product) be included with a CD Maturity Notice?