Rate Information on Savings Disclosures

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Question:

I am trying to find more information regarding the rate information on savings disclosures. The rates are listed as tiered rates, but if a customer receives a special rate other than what is listed, does the disclosure need changed every time to list the special rate? Or when the rates do change, does the disclosure need changed every time, even if the rates will change soon after again? Right now, the disclosure states, "The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily."

Answer:

The account disclosure needs to disclose what their rate and APY are at the time of opening the account. If that rate is a different rate than your standard rate, the different rate is what would need to be on the account disclosure. And yes, when your rates change, the rates on your disclosure need to change. The language you have about rate changes covers rate changes AFTER the account is opened and saves you from having to redisclose to existing customers when you change their rates.