Changing COD from Single to Tiered Rate

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Question:

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?

Answer:

All tiers must be disclosed for each account as applicable. For an indoor sign, the commentary to 1030.8 allows you to only disclose the bottom dollar amount to qualify for each tier rather than a range.

2. Indoor signs. An indoor sign advertising an annual percentage yield is not misleading or inaccurate when:

i. For a tiered-rate account, it also provides the lower dollar amount of the tier corresponding to the advertised annual percentage yield.