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Annual Percentage Yield Stated in CD Radio Ad

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Question: 
We are going to run a radio ad for a CD stating the annual percentage yield. Will this trigger any other disclosures? If so, which ones?
Answer: 

By stating the APY, you trigger further disclosures. Section 230.8(c) of Regulation DD provides a list of triggered disclosures; however, radio advertisements are exempt from many of them [as noted in Section 230.8(e)]. Therefore, you only need to provide the following:

  1. The minimum balance required to obtain the APY (for tiered-rate accounts, the minimum balance for each tier must be stated with the APY), and
  2. For time accounts - the term of the account.



    First published on BankersOnline.com 1/22/07

First published on 01/22/2007

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