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?
We will be sending letters to our customers with grandfathered NOW accounts informing them that accounts will be switched to Super NOW accounts,
regular checking accounts, etc. What information is required in the letter we provide to the customer, and is there a timing issue?
Can you please tell me where I will find guidance on how to handle emails that bounce back that are the notification that the customer’s statement is available. It used to be in 230.10 but I can’t find anything similar in Reg DD now.
Are electronic notices permitted for NSF and overdraft protection communication as well as CD maturity and renewals? Customers signing up for e-statements would automatically get these via e-notice, with an e-mail being issued to advise the customer of the e-notice. The customer would then log on to view it.
If you have a Certificate of Deposit (CD) with a term of 365 days and the customer wants the interest to be deposited into their checking account, will the CD still compound monthly?
With interest rates paying below 1% on deposit accounts, interest rate and APY is the same for most of our deposit accounts opened. Is it required to test APY for new deposit accounts or can we just test deposit statements? I work in compliance monitoring and I do not see the point of testing new account disclosures where the interest rate is the same as the APY paid. I'll appreciate you guidance.