CD Renewal - Disclosures & Notices

Answered by:

Question:

When a certificate of deposit with a term of over one year is renewing, are we required to send a renewal notice and all new account disclosures?-->

Answer:

What is actually required is that you send the customer a complete disclosure statement as if the account were being opened today. As Regulation DD does not require that all disclosures be on the same piece of paper, the way that many banks accomplish this is to send a copy of the initial disclosure along with the maturity notice.

First published on BankersOnline.com 8/24/09