We want to issue quarterly statements to CD holders. This would be a summary statement indicating the balance, term, maturity date, interest rate, interest paid YTD and accrued interest. Some accounts compound to maturity, and some take periodic checks. This would not be a transaction statement. The way I read Reg DD, the definition of "periodic statement" does not apply to time deposits, therefore we do not need to include a number of days indicator or APY Earned for the statement period. Is this a correct interpretation?
Are there any requirements that mandate that incoming mail must be logged prior to processing, and do the envelopes need to be retained?
If a business customer changes their business name, EIN, and goes from sole proprietorship to LLC would it be best to close the current account, and open a new account with the new info or just change the current account to reflect the new information?
We are looking at changing our savings withdrawal fees from $1.00 to $5.00 per month, after six withdrawals. Will we need to send these changes to our customers at least 30 days prior to the date of these changes? I know Reg DD covers DDA's, but I need guidance on savings.