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Annual Statements on CODs Requirements

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Question: 
Is an annual statement required on CODs if notices are not sent out on compounded interest CDs?
Answer: 

COD = Certificate of Deposit?

No interest reinvestment notices are required. No annual statements are required.After a time deposit is issued, the only subsequent Regulation DD disclosure required is the maturity notice. The content of the maturity notice varies based on the original term of the time deposit.

Annual statements are required on IRAs, but that requirement comes from the IRC, not Regulation DD.

First published on BankersOnline.com 9/5/11

First published on 09/05/2011

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